Harbor Capital and Box Wilson Equity Execute 10-Year Lease at San Antonio Industrial Portfolio, Reaching Full Occupancy

Harbor Capital, in a joint venture with Box Wilson Equity, has executed a 10-year lease with a wireless communications company at a San Antonio industrial portfolio, the firms announced Aug. 25. The deal brings the entire portfolio to full occupancy following the joint venture's acquisition of the assets in September 2023.

The leased premises span approximately 25,992 square feet across two industrial buildings at 4711 and 4719 Broom Street, along with adjacent industrial outdoor storage parcels totaling 3.2 acres at 9701 and 9711 Cobb Street in San Antonio, Texas.

Deal Details and Tenant Profile

The tenant provides wireless communications products and services to businesses, public safety agencies, and government entities across Texas. The lease is structured to position the campus as the tenant's long-term operational headquarters in San Antonio, offering industrial space, service infrastructure, and outdoor storage capacity to support ongoing operations.

Jake Esparza, Frank Harris, and Chris Moran of Llano Realty Partners represented the landlord in the transaction. Financial terms of the lease were not disclosed.

Portfolio Background and Lease-Up Timeline

Harbor Capital and Box Wilson Equity acquired the San Antonio industrial portfolio in September 2023. The execution of this lease completes the lease-up of the portfolio, which now stands at 100% occupancy across all assets.

The inclusion of 3.2 acres of industrial outdoor storage — a property type that is often scarce in urban industrial markets — was cited as operationally critical to the tenant's use of the campus. IOS sites are frequently sought by communications, logistics, and contractor users that require yard space alongside enclosed building area.

San Antonio Industrial Market Context

The lease comes as the San Antonio industrial market continues to absorb a meaningful wave of new supply delivered over the past several years. Vacancy rates across the market vary by submarket and asset type. CBRE's second-quarter 2026 figures place overall vacancy at 10.3%, with availability at 11.3% and average asking rent at $8.52 NNN per square foot annually. Separate market data puts vacancy at 11.3% in the first quarter of 2026, with average NNN rents reaching $9.43 per square foot — a record high in that dataset — while another major brokerage report recorded vacancy at 13.2% following approximately 1.1 million square feet of speculative deliveries.

Submarket performance varies considerably. The Northeast submarket carried a vacancy rate of 17.1% in the second quarter of 2026, while the Northwest submarket stood at 7.1%, illustrating the uneven distribution of available space across the metro. Rental rates broadly rose to $9.22 per square foot in the second quarter of 2026 according to one market report, suggesting that rents are holding near cyclical highs even as vacancy remains elevated relative to the tight conditions of 2021 and 2022.

Against that backdrop, securing a 10-year commitment from an operationally driven tenant in the wireless communications sector provides the Harbor Capital and Box Wilson Equity joint venture with long-term income stability at a time when tenants retain meaningful options in the broader market.

Sources: Harbor Capital