San Antonio, TX
CBRE Facilitates $5.3 Million Sale of Villita Assembly Building Sale in Downtown San Antonio, Texas
March 1, 2023
CBRE has arranged the sale of the Villita Assembly Building, a 24,785-sq.-ft. event center along San Antonio’s River Walk, to GrayStreet Partners, a local private-equity firm, for $5.3 million.
CBRE’s Andrew Price negotiated the transaction on behalf of the seller, CPS Energy, San Antonio’s municipally-owned electric and natural gas utility.
Located at 401 Villita Street, the free-standing building was constructed in 1958 and sits on a 1.113-acre parcel. The single-story, circular building was designed by architect O’Neil Ford and features a concave rotunda wrapped with administrative, service, and mechanical spaces and adorned with custom decorative tile and carved stained-wood entry doors. The property includes a banquet hall, kitchen and outdoor plaza area.
“We believe this sale will breathe new life into a unique and well-established entertainment venue on the River Walk,” said CBRE’s Price. “As you can imagine, the Villita Assembly Building was on the radar of many national players. After a competitive process, I am excited the property was acquired by a local group with a vested interest in the future of San Antonio.”
“GrayStreet intends to upgrade and restore the Villita Assembly Building and keep it as an operating venue,” said Kevin Covey, Founder and General Partner at GrayStreet Partners.
The building is situated along the River Walk and adjacent to La Villita Historic Arts Village in downtown San Antonio. It is within walking distance of many amenities and points of interest, including the Alamo, Henry B. Gonzalez Convention Center, Hemisfair, Tower of the Americas, Shops at Rivercenter, and numerous restaurants and hotels.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.