Fifth Corner Acquires Iconic San Antonio River Walk Property
Houston, Texas, December 15, 2022 – Fifth Corner (www.fifthcorner.com), founded by industry veterans Tenel Tayar, Chad Braun and Kerr Taylor, announces that it, through an affiliate, has acquired South Bank, an iconic property located at the epicenter of the world-renowned San Antonio River Walk.
South Bank is a 46,704 square foot Irreplaceable CornerTM that sits on a full city block along Crockett Street and Presa Street in San Antonio, Texas. The iconic property is home to eight high-performing, food and entertainment-oriented tenants such as Hard Rock Café, Paesano’s, Howl at the Moon and County Line BBQ with an average tenant tenure of over 20-years at the property. Situated in the heart of San Antonio’s tourism district, there are approximately 14,000 hotel rooms in a 1-mile radius of the property with another almost 1,000 hotel rooms under construction.
“After more than a decade of operating experience with South Bank on the San Antonio River Walk, we will maximize the value of this Irreplaceable Corner™ and make this stalwart even better”, says Tenel Tayar, Co-Founder and Managing Partner at Fifth Corner. “Our predecessor to Fifth Corner, AmREIT, acquired the property in 2005 and owned and operated it until the company sold in 2015. South Bank embodies the characteristics of an Irreplaceable CornerTM with its extremely high barriers to entry, strong tenant demand, and connection to the community. We are thrilled to own South Bank again and look forward to implementing our Fifth Corner initiatives.”
Fifth Corner’s mission is creating value on community focused Irreplaceable CornerTM properties and is a full-service real estate operating company that provides investment, leasing, property management and asset management disciplines.
“The strong fundamentals of this investment opportunity led to the capitalization of this affiliated investment vehicle being over-subscribed,” said Chad Braun, Co-Founder and Managing Partner at Fifth Corner. “There are over 11 million visitors annually to the San Antonio River Walk, creating significant consumer demand which results in tenant sales that rank South Bank as a top-tier location within their respective chains.”
ABOUT FIFTH CORNER
Fifth Corner is a Houston-based real estate company investing in and creating value on community-focused Irreplaceable Corners™ located in the fastest growing metros. The real estate strategy and culture are time-tested and refined over 30 years to create value for the properties, investors, and communities.
Certain information contained in this material constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “objective,” “strategy,” “plan,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives of those terms or other variations of them or by comparable terminology. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements.