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Capital Group closes out Fund IV with largest acquisition to date
Houston, TX, March XX, 2023 – Partners Capital, the investment arm of Partners Real Estate (“Partners”), announced today that it has acquired Mitchelldale Business Park, a 12-building, 377,752-sq.-ft. industrial flex portfolio located at 5400 Mitchelldale Street in Houston. The property was acquired through Partners Investment Fund IV. The property is currently 95% leased and boasts immediate access to the major Houston thoroughfares of Highway 290, Texas Loop 610, Beltway 8, and Interstate 10.
“Partners Capital is pleased to close out Fund IV with Mitchelldale Business Park,” said Andrew Pappas, Partner and President of Partners Capital. “With its prime location in one of Houston’s most sought-after industrial submarkets, we believe our latest acquisition is well-positioned for long-term success.”
“We are planning to improve the asset’s curb appeal, lighting and infrastructure. Our best-in-class leasing and asset management teams are experts in this product type and we look forward to delivering value at Mitchelldale for our tenants and investors,” said Adam Hawkins, Partner at Partners Capital.
Hartman Income REIT XX was the Seller. Financing was provided by Origin Bank. Mitchelldale Business Park was acquired off-market.
The closing marks the 8th and final acquisition for Partners Investment Fund IV. Fundraising for Partners Opportunity Fund V is underway which will be a $150mm equity investment vehicle acquiring value-add industrial, retail, and office properties. Partners Capital has completed over $450 Million in transaction volume during the last six years and their current portfolio comprises of more than 1.4 million sq. ft.
For additional information regarding Partners Capital and Partners Opportunity Fund V, 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 via email at [email protected].