The distinctive Villita Assembly Building has changed hands again.
A private equity firm, MLSA Ventures, recently closed on a deal to purchase the historic building at 401 Villita St. from San Antonio development firm GrayStreet Partners.
MLSA Ventures is led by managing principals Bobby Magee and Charles Leddy, and principal Billy Freed.
Magee announced the acquisition of the Villita Assembly Building on Monday via Linkedin, calling it a “legacy project” for the team. “I’m young, but I hope to tell my kids and grandkids about this deal,” he said.
The concave-roofed building designed by architect O’Neil Ford and built in 1958, was formerly used as event space and owned by CPS Energy. Fiesta-goers know it as host to the annual Night In Old San Antonio (NIOSA).
Located along the River Walk in La Villita Historic Arts Village, the building is steps from new and upcoming developments at Hemisfair and the Kimpton Santo hotel set to open later this year.
“We’re certainly excited about all the activity going on at Hemisfair, the Alamo and just the broader redevelopment of downtown and new construction and historic renovations,” Magee said.
Magee said the firm wants to open the Villita Assembly Building as a place for “San Antonio to enjoy.” He did not disclose an exact use for it, but the NIOSA show will go on as planned this year.
“We’ve got a variety of plans that we’re actively working through,” he said. “We think this property is an awesome opportunity to revitalize but still stay true to the history of it, its character and what has made it such a unique and beautiful property.”
Last year, CPS Energy sold the 25,00-square-foot building as surplus property to GrayStreet, which rebranded it to Venue Villita, then put it back on the market less than six months later.
MLSA has raised more than $10.1 million in equity from 48 investors to make the purchase, according to a Form D filing last month with the Securities and Exchange Commission. The 1.2-acre property was last assessed at $5.3 million, according to tax records.
Magee, Leddy and Freed met in 2019 when Magee participated as a student startup entrepreneur in the Louis H. Stumberg New Venture Competition at Trinity University.
Two years ago, Magee and Leddy formed MLSA Ventures as a real estate investment firm that owns industrial and retail properties in San Antonio and recently closed a hospitality fund that will seek to acquire hotel properties in partnership with Presidian Hospitality. Magee said MLSA Ventures also owns a construction company known as GMSA Construction.
