Partners Capital—the investment arm of NAI Partners—has sold Spring Park Village, a retail property located in Spring, Texas. Terms of the transaction were not disclosed.
Partners Capital’s Fund I originally acquired Spring Park Village in 2017. The property consisted of two buildings leased to a diverse roster of tenants, including American Freight, Conn’s Appliances, AT&T and Starbucks, and also included a two-acre land pad for future development.
“After negotiating a long-term renewal with Starbucks and leasing the remaining vacancy, we divested the smaller building located in the front of the property two years ago,” said Andrew Pappas, head of Partners Capital. “This summer, we secured an early renewal for the Sears Outlet store—which was recently acquired by Liberty Tax and rebranded as American Freight—and subsequently sold the large building and the development pad site to a local Houston investor.”
The sale of Spring Park Village represents Partners Capital’s fifteenth deal overall since its launch in 2015.
It’s been a busy several months for Partners Capital, which recently announced a rebrand to Partners Capital from the NAI Investment Fund earlier in October, announced the acquisition of The Trails at 620 retail property in Austin, Texas and retail center Blanco Crossing in Blanco, Texas; and launched Partners Investment Fund IV, the entity’s fourth commercial real estate investment vehicle. The Partners Capital team is looking to raise at least $50 million in equity in order to continue its success in identifying and acquiring high-quality office, industrial, and retail assets in attractive markets.