Partners Capital, the investment arm of NAI Partners has acquired a segment of Trails at 620, a retail property in Austin, Texas. JLL assisted the buyer, while Veritex Bank provided acquisition financing. The deal represents Partners Capital’s fourth acquisition in Fund III and the platform’s 13th deal overall. The NAI subsidiary owns a portfolio totaling more than 1 million square feet and more than 400 tenants.
The buyer purchased seven of the 17 buildings at the Austin asset, which consist of 69,037 square feet. The tenant roster includes Freebirds, MattressFirm, AT&T, and Summer Moon Coffee. The development also hosts Moviehouse & Eatery, Holiday Inn and Whataburger, among others.
Located at 8300 N. FM 620, on 15 acres, the buildings are within 5 miles of U.S. Route 183. Downtown Austin is 15 miles from the retail property.
JLL Director Drew Fuller represented the buyer. Recently, the company secured a $28 million loan for the acquisition of Plano Office Center, a two-building office property in Plano. TerraCap Management purchased the asset.