Partners Capital—the investment arm of NAI Partners—announced that it has sold Marymont Office Park, an office property located in San Antonio, Texas. Partners Capital’s Fund I originally acquired Marymont in 2017. The 85,368-sq.-ft., 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, Texas.
“As a result of COVID-19 many office investors are seeking assets that offer less points of contact and shared spaces,” said Ms. 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.
This sale comes on the heels of a very busy several months for Partners Capital, which announced a rebrand to Partners Capital from the NAI Investment Fund this past fall; announced the acquisition of The Trails at 620 retail property in Austin, Texas and the retail center Blanco Crossing in San Antonio, Texas; launched Partners Investment Fund IV, the entity’s fourth commercial real estate investment vehicle; divested Spring Park Village in Spring, Texas; and has seen a substantive increase in leasing velocity at its recently renovated 11301 Fallbrook medical office building property.
For additional information regarding Partners Capital and Fund IV, please contact Andrew Pappas at 713.629.0500.
About NAI Partners
NAI Partners is one of the top 5 largest privately held and independently owned commercial real estate services firms in the state of Texas. NAI Partners was founded and is headquartered in Houston and has offices in San Antonio and Austin; offers the geographic expertise to complete real estate transactions throughout the state; and can leverage the power of the NAI Global network to arrange deals in any location around the world. NAI Partners employs more than 150 real estate professionals, and arranges more transactions than any of its competitors, completing over 700 commercial lease and sale arrangements every year. NAI Partners is a full-service firm offering client leasing and sales solutions in the areas of Office Tenant Representation, Office Project Leasing, Industrial Tenant Representation, Industrial Project Leasing, Retail Tenant Representation, Retail Project Leasing, Landlord Services, Property Services, Investment Sales, Valuation and Advisory Services, Partners Facilities Services (PFS), and Project Services, among other lines of business. The company also has an investment fund platform called Partners Capital, and a development vehicle called Partners Development, both of which are wholly owned subsidiaries of NAI Partners. NAI Partners is the top Houston-based full-service commercial real estate firm on the Inc. 5000 list of fastest-growing private companies in America; the 5th-largest Houston-Area Commercial Real Estate Brokerage and #1 Mover of Square Feet among leasing and sales brokerages in Houston per the Houston Business Journal; the only commercial real estate firm on the Houston Business Journal’s Mid-Market 50 list; a top 12 largest San Antonio Commercial Real Estate Brokerage per the San Antonio Business Journal; and a top 20 Property Management Firm by square feet under management in Houston per the Houston Business Journal. NAI Partners has been named a Best Place to Work by the Houston Chronicle, Houston Business Journal and Austin Business Journal; and is among the University of Houston’s Cougar 100 Fastest-Growing Companies. Visit us on the web at www.naipartners.com.
