The asset involved in this transaction is a development site located at 429 North Guadalupe Street in San Marcos. This ground lease encompasses a total of 3 acres and is intended for the construction of a full-service hotel. The project is backed by a significant investment totaling $40 million.

Summary of transaction details:

• Property Type: Ground Lease
• Transaction Amount: $40 million
• Lease Term: 75 years
• Lease Type: Ground Lease
• Landlord: Texas State University
• Tenant: Bradley Freels - Midway Development Group
• Market: San Marcos
• Incentives: $9.1 million in city incentives
• Job Creation: Up to 256 jobs
• Project Features: Event space, restaurant, bar, pool, and amphitheater
• Groundbreaking Deadline: Must break ground by 2026
• Lease Extensions: Two 10-year extensions available

Bradley Freels of Midway Development Group represents the tenant in this transaction with Texas State University as the landlord. This long-term ground lease aims to enhance the development landscape in downtown San Marcos.