January 16, 2017
Blauners-Houston LP, based in New York, sold a vacant, five-story, 58,000-square-foot building in downtown San Antonio, known as the Burns Building. Records show that the asset went to Investment Property Exchange Services, which handles 1031 exchanges. The Bexar Appraisal District valued it at $4 million.
Located at 401 E. Houston St., the building was under contract in late 2016 to InnVenture, who wanted to renovate it into an Aloft hotel. But the developer backed out after learning it would not get historic tax credits because it planned to add an additional four stories.
The Burns Building was built in 1912, and is on the National Register of Historic Places. It was a J.C. Penney department store for many years.
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