westgate hermes
| Westgate Shopping Center 7311-7325 San Pedro Avenue San Antonio, Texas |
| This 47,000 square-foot specialty center is located at the same intersection as Pavilions, one of the strongest retail locations in San Antonio. RPD acquired Westgate in June 2005 from a local owner who had recently renovated the property. Westgate was never marketed for sale – the owner wanted to sell quickly to pursue his lifelong dream of traveling around the world. When RPD acquired the center, it was anchored by a 33,000 square-foot Hermes Music store, part of a local chain. RPD knew in advance that Guitar Center, a national chain, was in discussions to acquire Hermes. In the summer of 2006, Guitar Center closed its acquisition of Hermes, and RPD entered into a new 10 year lease with Guitar Center at a substantially higher rental rate. Given Westgate’s strong anchor and location, RPD has no immediate plans to sell the property. |
