PNC Bank – 33rd Acquisition
Total Square Footage: 58,574 square feet
Date Acquired: May 27, 2020
Tenant Name: PNC Bank, N.A.
Royal Oak is pleased to announce the completion of our latest acquisition. On May 27th, Royal Oak acquired a PNC Bank, N.A. (“PNC Bank”) customer call center located in New Braunfels, Texas. The property is located at 2049 Sundance Parkway approximately 30 miles northeast of downtown San Antonio. San Antonio is the fourth largest city in Texas. The San Antonio / New Braunfels MSA is the 24th largest in the U.S. with over 2.5 million residents and is considered one of the strongest growth markets in the U.S. This market experienced the nation’s second largest population increase in 2018.
After an 18-month search by PNC, the property was newly constructed with occupancy beginning upon completion of the project in May 2020. It is a Class A, single-story call center office building with 58,574 SF on approximately 6.50 acres. The property benefits from 450 surface parking spaces (7.60/1,000 SF), a new roof with a 20-year warranty, and has flexible reuse characteristics as a multi-tenanted office/flex asset. The property is part of the Sundance Business Park, an 85-acre mixed use development featuring office, medical, senior living and apartments.
PNC Bank, N.A. currently holds an investment grade credit rating of A/Stable from Standard and Poor’s Global ratings.