Fort Capital via Twitter
Fort Capital has acquired Blossom Business Park, a Class B shallow bay industrial complex just north of the San Antonio International Airport. The investment marks the Fort Worth-based industrial investment firm's third property in the area.
It is also the largest at 466,000 square feet across eight buildings.
Terms of the deal were not disclosed, but Fort Capital founder and chairman Chris Powers said on Twitter that the company financed the purchase through a five-year loan with a fixed interest rate of 5.5%. He also said the weighted average lease term is 1.53 years.
The most recent appraisal by Bexar County puts the value of the site at $9.75 million, according to county clerk records. The park was acquired from Los Angeles real estate investment firm Forester Properties Inc., which had owned the property since 2017.
Fort Capital also owns an 80,000-square-foot flex industrial property at 6103 Fairnon Drive and a 49,000-square-foot industrial building at 14309 Toepperwein Road.