Partners Capital—the investment arm of NAI Partners—has closed on Blanco Crossing, a retail property located at the corner of Blanco Road and Huebner Road in North Central San Antonio.
Blanco Crossing is a 22,606-square-foot retail shopping center home to tenants including Sake Café, The Mailing Spot, Kennedy’s Public House and KC Pet Products. It is currently 84 percent occupied. The acquisition comes on the heels of Partners Capital-related news, including last month’s rebrand announcement and the purchase of Trails at 620, a retail property located in Austin.
“Our focus for Blanco Crossing will be on transforming the asset’s exterior façade in order to fully maximize our tenants’ visibility. Many of our tenants started their businesses out of this location decades ago and are cherished by the local community,” said Adam Hawkins, vice president of acquisitions at Partners Capital. “We will work hand-in-hand with our tenants to help them grow, starting with a capital program to capitalize on Blanco Crossing’s premier and elevated location at the intersection of Blanco and Huebner Road.”
Andrew Pappas and Adam Hawkins of the Partners Capital team worked with Philip Levy and Jack Newman of Marcus & Millichap to close the deal, with financing provided by Peyton Jones at Veritex Bank in Houston.
The NAI Partners San Antonio retail leasing team will be responsible for leasing the property, while NAI Partners’ property services group—part of the company’s landlord services division—will manage Blanco Crossing.
This acquisition is Partners Capital’s fifth and final acquisition in Fund III and the platform’s 14th deal overall, pushing its portfolio to more than 1.2 million square feet and over 400 tenants.
