Texas RioGrande Legal Aid, Inc. Acquires Plains Capital Bank Office Building In Corpus Christi
1434 South Port Avenue
Building Size
9,500 SF
Asset Type
Office
Closing
Sep 27, 2023
AI
Cravey Real Estate Services recently facilitated the sale of a 9,500-square-foot office building located at 1434 South Port Avenue in Corpus Christi. The property, previously owned by Plains Capital Bank, was successfully sold to Texas RioGrande Legal Aid, Inc., a leading legal aid provider in Southwest Texas.
Summary of transation details
- Property Type: Office
- Transaction Amount: Not mentioned
- Square Footage: 9,500
- Address: 1434 South Port Avenue, Corpus Christi
- Market: Corpus Christi
Texas RioGrande Legal Aid, Inc. emerged as the buyer in this transaction, securing a valuable asset in the form of an office space in Corpus Christi. Plains Capital Bank, represented by Alan White, acted as the seller in this deal. Jesus Barba Jr., a representative from Stream Realty Partners, served as the buyer's broker, while Lynann Pinkham from Cravey Real Estate Services represented the seller in this transaction.
The sale of this 9,500-square-foot office building at 1434 South Port Avenue marks a significant transaction that allows Texas RioGrande Legal Aid, Inc. to expand its presence and continue providing free civil legal services to the residents of Southwest Texas.
Players
Corpus Christi Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93