Partners Capital—the investment arm of NAI Partners—has sold Marymont Office Park, an office property located in San Antonio. Partners Capital’s Fund I originally acquired Marymont in 2017. The 85,368-square-foot, four-building, one-story office park is situated in Northeast San Antonio directly adjacent to NE Loop 410.
“We are pleased to kick off the new year with a successful exit for Fund I,” said Andrew Pappas, head of Partners Capital and Partner, NAI Partners. “Marymont Office Park was a great deal for our platform that generated attractive operating cashflow and overall value for our investors. NAI Partners’ property management team did an excellent job providing tenants with a high level of service which translated into a strong lease renewal ratio. This deal was a successful first step into San Antonio for us, and we look forward to investing in this city for years to come.”
Partners Capital was represented by Carrie Caesar of Cushman & Wakefield on the transaction. The buyer was Citadel Venture Holdings in Houston.
“As a result of COVID-19 many office investors are seeking assets that offer less points of contact and shared spaces,” said Caesar. “Because Marymont Park is a single-story building offering private entrances, there was a significant amount of competition. Additionally, the property was recently refreshed by Partners Capital and it offered an opportunity for the buyer to add further value.”
The sale represents Partners Capital’s 19th transaction overall since its launch in 2015.