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Retail shopping center is fourth asset in Partners Capital’s Fund IV portfolio
Houston, TX, January 12, 2022 – Partners Capital—the investment management platform and development arm of Partners Real Estate Company—today announced that it has acquired Bay Pointe Shopping Center, a 2-building, 98,522-sq.-ft. retail center in southeast Houston.
Bay Pointe Plaza is currently 100% leased with a dark Randalls box that expires in March 2024. It has excellent access off Space City and Clear Lake City Boulevards and is the fourth acquisition made by Partners Capital’s Fund IV investment vehicle.
“Bay Pointe represented an opportunity to acquire a value-add asset in a high-demand, low-supply area, and we’re excited to add it to our portfolio,” said Andrew Pappas, Managing Director of Partners Capital and Partner, Partners Real Estate Company. “The property has historically been a strong performer, with an average tenant tenure over 17 years, and we have the unique opportunity to bring new life to the shopping center and neighborhood through the redevelopment of the Randalls space.”
“We’re excited to build an additional 30,000 sq. ft. of inline retail ay Bay Pointe and collaborate with our development division on this exciting project,” said Adam Hawkins, Senior Vice President, Partners Capital.
Partners Capital found the opportunity through Matt Berry, Robbie Kilcrease, and Drew Reinking at CBRE, who represented the seller. Financing was provided by Peyton Jones at Veritex Bank in Houston, Texas.
In 2021, Partners Capital completed over $155 million in transactions and has over $330 million in transaction volume during the last five years. Its current portfolio comprises more than 1 million sq. ft. of retail, industrial, and office properties.
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].
About Partners Capital
Partners Capital is Partners Real Estate Company’s investment platform specializing in the acquisition and disposition of office, industrial, and retail multitenant properties via multiple investment funds, and the development of retail, industrial, office, and mixed-use projects. The company’s investment management platform seeks quality real estate with intrinsic value which would benefit from well-capitalized, sophisticated, hands-on, tenant-focused ownership that truly understands the asset; and targets markets with diverse marketplaces which allow its team to assemble portfolios that provide overall risk diversification for its investors. The development platform develops and manages projects of all sizes and complexity, and provide full-cycle, end-to-end project expertise and seamless execution on site selection, land acquisition, entitlements, planning and design, financing, governmental relations, and construction management. Targeted geographic areas include Houston, Austin, San Antonio, and Dallas/Fort Worth, along with other attractive markets in the southwestern United States. Visit us on the web at www.partnersrec.com.