marketing sale of properties
SAN ANTONIO, TX—As the legacy gas and electric utility company of San Antonio, CPS Energy has served the community for 159 years and has been municipally owned for 76 years. In anticipation of CPS Energy’s move to a new building on McCullough Avenue in 2020, the utility has placed several of its current properties on the market. These properties have been designated as “surplus properties,” which means they will not be needed for the utility’s operations once their move is completed.
CBRE, a leading real estate services and investment organization, will lead the marketing of this substantial and diversified offering that includes several property assets located in a Federal Opportunity Zone.
The surplus properties to be listed for sale are:
- Main Office Building (145 Navarro Street)
- Navarro Building and Garage (146 Navarro Street)
- Tower Garage connected to the Main Office (211 Villita Street, Portion owned by CPS Energy)
- Surface Parking Lot 2 (lot adjacent to the Mexican Consulate)
- Villita Assembly Building (401 Villita Street)
- Northside Customer Service Center (7000 San Pedro Avenue)
- Former Jones Avenue Service Center (326 W. Jones Avenue)
“While multiple great firms were considered, we are pleased to have CBRE on board to handle all of the marketing and communication associated with our surplus properties,” said Paula Gold-Williams, President & CEO of CPS Energy. “Accordingly, we are supportive of a full-market process, one in which offers will be diligently considered, because we know that this approach will provide the best value for our community.”
The sale of these properties will partially offset the cost of the new building at McCullough Avenue. The cost of the project will be paid for with proceeds from the property sales and cash. With this move, CPS Energy will consolidate around 1,400 office-based personnel from multiple locations across their service territory into the Downtown facility. This will relocate an additional 500 personnel to the Downtown area. Combined with environmental best practices and energy efficiencies, the new building will reduce expenses, help spur growth in the northern area of Downtown and continue CPS Energy’s 76-year commitment to the San Antonio community.
The utility is expected to move into its new building in the fall of 2020.