GrayStreet wants to buy former Lone Star Brewery complex

The owner of the former Lone Star Brewery complex has a buyer lined up, but it’s unclear whether a deal will be completed by a May 1 deadline. An affiliate of GrayStreet Partners, a San Antonio development firm, wants to purchase the roughly 32-acre property for $17.25 million from Lone Star Brewery Development Inc. Lone Star filed for bankruptcy protection in January, stopping a foreclosure auction of the complex at 500 and 600 Lone Star Blvd. It is trying to sell the property for at least $13.5 million. JLL, a commercial real estate firm, is marketing the site and received several preliminary offers ranging between $6 million and $20 million, court documents note. “Many bidders dropped out because they either didn’t qualify or they didn’t put up earnest money,” said Thomas Rice, an attorney at Pulman, Cappuccio & Pullen LLP who represents Lone Star. GrayStreet’s bid was the highest qualifying offer. State filings indicate GrayStreet Acquisitions LLC, the bidder, is registered to Kevin Covey, a managing partner at GrayStreet Partners. Covey didn’t immediately respond to a request for comment. Click to read more at