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Retail center originally purchased in 2019 by Partners Capital’s Fund III
Round Rock, TX, September 6th, 2023 – Partners Capital, the investment platform of Partners Real Estate—one of the largest independent commercial real estate firms in Texas—announced that it has sold Triangle Center, a 58,929-sq.-ft. retail center located at 2000 N Mays Street in Round Rock, Texas. Partners Capital originally acquired the property in November 2019 through its Fund III investment vehicle.
“We are proud to provide our investors with another successful disposition. Our entire platform worked seamlessly together throughout the entire hold period, from identifying the initial acquisition to developing a Starbucks outparcel pad, and finally raising occupancy from 40% to 95% and successfully exiting the investment,” said Andrew Pappas, Partner and President of Partners Capital.
“This transaction underscores our steadfast investment strategy and our capability to adeptly navigate ever-changing market dynamics,” said Adam Hawkins, Partner – Opportunity Funds.
Cathy Nabours & Kyle Shaffer with SRS represented Partners Capital in the transaction.
The sale comes on the heels of the recent launch of Opportunity Fund V. The Partners Capital team is looking to raise at least $150 million in equity to build on its success in identifying and acquiring high-quality industrial, retail, and office assets in the major markets across Texas and the southeastern United States.
It’s been a busy year for Partners Capital, who sold Blanco Crossing, a 22,606-sq.-ft. retail center in San Antonio, and acquired Mitchelldale Business Park, a 12-building, 377,752-sq.-ft. industrial flex portfolio—their largest acquisition to date. Partners Capital tapped Jess Dickie as Vice President to source new acquisitions in North Texas and promoted Sloan Crady to spearhead acquisitions for the Opportunity Fund in Houston, Austin, and San Antonio.
During the last seven years, Partners Capital has successfully raised and deployed four investment funds, totaling more than $500 million in transaction volume. Its current portfolio comprises more than 1.4 million sq. ft. of properties located throughout Texas’ major markets.
For additional information regarding Partners Capital, 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].