TradeLane, Phelan JV Lands Financing for 257 KSF Development
A joint venture of TradeLane Properties Fund III and Phelan Development Co. has obtained $14 million in construction financing for Rittiman Crossroads, a 257,000-square-foot project in San Antonio. Byline Bank’s Commercial Real Estate Group provided the note.
This marks the 13th transaction Byline financed for TradeLane and its affiliates. Law firm Holland & Knight represented the lender in the transaction, while Franklin Law Group worked on behalf of the borrower. JLL Executive Vice President Roger Hill and Vice President Kyle Mueller are in charge of leasing.
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The developer broke ground on the facility earlier this month and expects to bring it online the first quarter of next year. The rear-load warehouse will feature 32-foot clear heights, 260 car parking spaces, 36 trailer stalls and 49 dock-high loading doors. Additionally, the property will include four drive-in doors, a 60-foot speed bay, 130- to 250-foot truck courts and will be divisible up to 65,000 square feet.
Rittiman Crossroads is taking shape at 6357 Rittiman Road, less than 10 miles from San Antonio International Airport and the city’s downtown. Tenants will have easy access to interstates 10, 410 and 35.
San Antonio’s industrial sector remains steady
San Antonio’s industrial vacancy rate was 7.7 percent in March, up 20 basis points quarter-over-quarter, according to a CBRE report. The metro had 5.4 million square feet of space under construction during the same period. A total of 2.6 million square feet broke ground in the first quarter alone, with more than 84 percent being speculative development.
Last May, Koontz Corp. purchased 188 acres for the development of an eight-building, 2.8 million-square-foot campus. Dubbed Frontera Logistics Supersite, the project will consist of facilities ranging from 160,000 to 1.1 million square feet.
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