Partners Capital—the investment arm of NAI Partners—today announced that is 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-sq.-ft. retail shopping center home to tenants including Sake Café, The Mailing Spot, Kennedy’s Public House, and KC Pet Products. It is currently 84% occupied. The acquisition comes on the heels of a flurry of Partners Capital-related news, including last month’s rebrand announcement, and the purchase of Trails at 620, a retail property located in Austin, Texas.
“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. 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,” said Adam Hawkins, Vice President of Acquisitions at Partners Capital.
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, Texas.
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 sq. ft. and over 400 tenants.
Partners Capital is kicking off fundraising for Fund IV this month and is already well on its way to raising $50 million.
For additional information regarding Partners Capital and Fund IV, please contact Andrew Pappas at 713.629.0500.
For new Partners Capital acquisition or disposition opportunities, please contact Adam Hawkins at 713.985.4604 or adam.hawkins@partnersrec.com.
About Partners Capital
Partners Capital, a wholly owned subsidiary of NAI Partners, owns a real estate portfolio totaling more than 1 million sq. ft. and has completed over $165 million in transaction volume. Partners Capital was created by NAI Partners as a platform to invest in office, industrial, and retail multi-tenant properties in Houston, Austin, San Antonio, and Dallas that meet the following criteria: can be acquired below replacement cost; carries a $5 million to $30 million purchase price that falls below the interest of institutional buyers; generates positive cash flow; and allows NAI Partners to leverage its extensive industry knowledge and resources to generate attractive cash flow and value appreciation over a projected holding period of three to six years. Visit us on the web at www.partnersrec.com.
