Three Office Towers Previously Owned by Cotter Estate Purchased by Windmill Investments
AUSTIN, August 21, 2019 –
Cushman & Wakefield is pleased to announce the completion of the sale of three office towers in north central San Antonio, totaling almost 525,000 square feet (sf), from Cotter Estate to Windmill Investments. The three Class B, value-add office properties include: 230,000 sf Petroleum Towers at 8626 Tesoro Drive; 183,487 sf Alamo Towers at 8700 Tesoro Drive; and 109,748 sf 1800 Plaza.
Cushman & Wakefield represented the seller with Carrie Caesar, Senior Director, Capital Markets, serving as the lead broker. Todd Mills and Hunter Mills also served on the Cushman & Wakefield team, assisting in the transaction. “This was a complicated transaction with many players and moving parts,” Caesar stated, “but our client was committed to the success of this opportunity and ensuring these office towers remain an important part of the city’s business landscape.”
Windmill Investments is planning a multi-million-dollar renovation of each tower to make the properties even more alluring to current and future tenants. “As long-term landlords to the many valued tenants of these buildings, Cotter Estate placed them in good hands by selecting Windmill Investments as the new owners. The planned renovations will ensure they are valued and functional office spaces for years to come,” Caesar concluded.