San Antonio, TX

CBRE Retained to Sell 6-Acre Infill Development Site for CPS Energy in Downtown San Antonio

23 May 2022

CPS Energy's infill development site at 326 West Jones Ave

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Justin Luera

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CBRE has been retained by CPS Energy, San Antonio’s municipally-owned electric and natural gas utility, as the exclusive marketing agent for the sale of an approximately 5.93-acre development site in Downtown San Antonio.

CBRE’s Asher Reilly is marketing the site on behalf of the seller.

Located at 326 West Jones Avenue, the site formerly served as CPS Energy’s Jones Avenue Service Center and includes a partially deconstructed, two-story office and light industrial building.

“Our community partnerships are strong and one acre of this seven-acre site will be conveyed to the San Antonio Museum of Art for them to expand cultural offerings to residents and visitors. It is our hope that the remaining six acres will become an asset for our community as well. We’re proud to have served our customers and community out of the Jones Avenue facility for nearly a century,” said CPS Energy Interim President & CEO Rudy D. Garza.

The property is situated in the northern half of San Antonio’s central business district near the historic Pearl District. It fronts the River Walk and is part of the Museum Reach, which connects to various high-profile attractions including the San Antonio Museum of Art, The DoSeum, The Witte, Brackenridge Park and the Japanese Tea Gardens.

“Since 2019, CPS Energy has sold various surplus assets as they consolidated operations in their new headquarters two blocks away. To continue optimizing the real estate portfolio and provide value to their community, they’re seeking to sell this development site in an area of the city that’s currently experiencing single-digit vacancy across all asset types,” said Reilly.

The site lies within San Antonio’s Midtown area, which is a designated tax increment reinvestment zone that permits integrated development including high-density multifamily, residential and mixed-use office/retail. It is zoned RIO-2 and FBZ T6-2.

“Downtown San Antonio and the Broadway Corridor are in a development surge and this is one of the few remaining large sites available for development along the River Walk. The property is ideal for investors looking to take a long-term development position in a land constrained market,” added Reilly.
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 2021 revenue). The company has more than 105,000 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.