Partners Capital—the investment arm of NAI Partners—has closed on Trails at 620, a retail property located at 8300 N FM 620 in Austin.
“Our team is excited to bring some new energy to Trails at 620,” said Andrew Pappas, head of Partners Capital. “The retail center is an integral part of the local community and we are confident that tenants and neighboring residents will be pleased with our plans for the development.”
The Partners Capital team worked with Drew Fuller at JLL to close the deal, with financing provided by Peyton Jones at Veritex Bank in Houston.
Partners acquired seven of the 17 buildings at Trails at 620, which consist of 69,037 square feet located on 15 acres, and added some high-profile tenants to its portfolio, including Freebirds, MattressFirm, AT&T, and Summer Moon Coffee. Other owners at the development include Moviehouse & Eatery, Holiday Inn, Whataburger and Flores Mexican Restaurant.
“We look forward to sharing our vision and collaborating with all property owners at Trails at 620 to bring new life to the entire development,” said Adam Hawkins, vice president at Partners Capital.
This acquisition is Partners Capital’s fourth acquisition in Fund III and the platform’s 13th deal overall, pushing its portfolio to 1.2 million square feet and over 400 tenants. Partners Capital is kicking off Fund IV in the next few weeks, where it plans to raise $50 million.
