Rittiman 6 & 7 are two well-located, infill industrial assets located in San Antonio, TX. These assets are situated near the I-35 / I-410 split and are in close proximity to downtown San Antonio and the San Antonio International Airport, offering a strong infill location. The assets are leased to 17 distinct tenants, the Portfolio’s diverse rent roll provides minimal tenant concentration or industry specific risk.
The portfolio consists of 1980s vintage, Class B assets with an average clear height of 18’. Each building is equipped with grade-level loading on one side and dock-high loading on the other side; this configuration provides the users with considerable flexibility in how the space is utilized. At the time of acquisition, the assets were 95% leased to 17 distinct tenants. The property consists of small suites averaging 8,000 sq. ft. The portfolio’s small suite sizes, combined with the urban infill location, will provide the opportunity to preserve occupancy and increase rental rates.
This is an off-market opportunity to acquire an urban infill, light industrial portfolio within the high-growth market of San Antonio. Demand for this space should continue to be robust.
- From 2010 to 2019, San Antonio experienced 18% population growth. On average, 66 people move to San Antonio every day and the population is expected to grow from 2.4 million to nearly 4 million people by 2040.
- San Antonio is also home to five Fortune 500 companies. Top employers include Joint Base San Antonio (JBSA), HEB, Methodist Healthcare System, AT&T, Toyota and Boeing. As of November 2019, the unemployment rate was 3.0%, which is below the national average of 3.5%.