The Palomar Group Announces Sale of Gateway Plaza in San Antonio, Texas

The Palomar Group, a full-service commercial investment sales firm headquartered in Augusta, Georgia, is pleased to announce the sale of Gateway Plaza, a 179,327-square-foot retail center located in San Antonio, Texas. 

Gateway Plaza is anchored by national credit tenants including Ollie’s, dd’s DISCOUNTS, Dollar Tree, and DG Market, and sits along a primary retail corridor in San Antonio’s Far West sub-market, directly across US Hwy 90 from the entrance to Joint Base San Antonio – Lackland, the Department of Defense’s largest base in the country, home to more than 82,000 military personnel. The center was 90% occupied at closing, with all three anchor tenants holding ample remaining term and options in place, and no single tenant occupying more than 19% of gross leasable area. Built in 1988 and recently renovated in 2024, the property has seen capital improvements including an updated façade, parking lot resurfacing, and general site upgrades. With in-place rents well below market at $26.52 per square foot, and pricing well below replacement cost, the asset offers meaningful upside alongside its existing income of $1,366,705 in NOI. 

The sale, which closed on August 13, 2026 involved an undisclosed seller that was a private investor, and a regional real estate investment firm as buyer. The transaction was several years in the making, having navigated a redevelopment process and shifting market conditions before reaching a close. 

“It was a pleasure to run a clean process with a buyer who executed as promised, on schedule, without surprises,” said David Rivers, Partner at The Palomar Group. 

The Palomar Group is a full-service commercial investment sales firm specializing in the sale of single-tenant, multi-tenant, and multifamily properties across the United States. With a proven track record of over $2.5 billion in completed transactions spanning 23 states and more than 14 million square feet, The Palomar Group is committed to delivering exceptional results through data-driven strategies, deep market knowledge, and a client-focused approach. The sale of Gateway Plaza reflects that continued track record, adding another successful outcome to Palomar’s growing national retail portfolio.