NAI Investment Fund Acquires TX Shopping Center
San Marcos Place, which was 80 percent leased at the time of the sale, marks the company's fifth acquisition this year.
By IvyLee Rosario
San Marcos Place
NAI Investment Fund has acquired San Marcos Place, a neighborhood shopping center in San Marcos, Texas. HFF represented the seller, Robb Lane Ltd. This purchase marks the first for NAI’s recently raised Fund II and its fifth transaction in the last year.
Located at 900 Bugg Lane, the property comprises 73,745 square feet and is 80 percent leased. Major tenants include Half Priced Books, China Palace Buffet, Pizza Hut, Laundrymate, Plato’s Closet, Nationwide Insurance and Best Buy Call Center. Constructed in 1985, the 6.6-acre asset last underwent renovations in 2015. San Marcos Place is located halfway between Austin and San Antonio, along Interstate 35. It is also within close proximity to Texas State University and a new mixed-use development called The Lyndon.
NAI was represented in-house by its Senior Vice President Andrew Pappas. The HFF investment advisory team included Managing Directors Cathy Nabours and Walter Saad, as well as Director Drew Fuller.
“Retail leasing activity near Texas State University has been extremely strong over the past six months,” Nabours told Commercial Property Executive. “Successful restaurant and service tenants with original locations in Austin are actively seeking second locations in San Marcos. NAI Investment Fund will be able to improve customer traffic to San Marcos Place by adding some of these popular concepts to the current tenant line-up.”
Earlier this month, HFF represented Retail Value Inc. in the $29 million sale of Lake Walden Square, a 244,529-square-foot, grocery-anchored retail center in Plant City, Fla. JBL Asset Management purchased the property.
Image courtesy of HFF
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