NAI Investment Fund Flips First Office
NAI Investment Fund sold 12600 North Featherwood Drive, the first property purchased by Fund I, shortly after it launched in 2015. NAI's Andrews Pappas and Adam Hawkins worked with HFF's Marty Hogan on the deal.
"Through the efforts of NAI Partners’ Office Project Leasing and Property Management teams, we managed to move an office building’s occupancy from 77% to 94% despite the headwinds of a challenging Houston office market,” NAI Investment Fund Senior Vice President Andrew Pappas said. "This is the first full-cycle deal for Fund I, and the return on investment exceeded our investors’ expectations.”
The NAI Investment Fund I portfolio consists of Spring Park Village, a 76K SF retail center at the intersection of Interstate 45 and Cypresswood; 11301 Fallbrook Drive, a 61K SF medical office building in Houston; and Marymont Park, a one-story office park in northeast San Antonio.
The NAI Investment Fund recently closed fundraising for Fund II — which oversubscribed its fundraising goal — and expects to fully deploy its capital in 2018 as it looks to build a total portfolio of at least $80M. Fund III is expected to launch in early 2019.