Partners Capital—the investment platform of Partners Real Estate Company—announced that it has acquired Oak Hill Plaza in Austin, Texas. The 115,512-sq.-ft. retail center is the second property purchased by Partners Capital through its Fund IV vehicle, following the addition of Murphy Southwest Business Center in Stafford, Texas, which recently registered a flurry of lease transactions completed by NAI Partners.
“Oak Hill Plaza sits at an irreplaceable location in one of the country’s top performing real estate markets,” said Andrew Pappas, Managing Director of Partners Capital. “We saw a chance to add significant value to Oak Hill Plaza by leveraging our knowledge and experience in the Central Texas retail market and capitalizing on the submarket’s tight restrictions on new supply.”
Oak Hill Plaza is located on the corner of US-290 and SH-71, an intersection predicted to carry over 100,000 vehicles per day in the coming years. The property is one of a few retail centers in the area built before the Save Our Springs development restrictions were established related to the Barton Springs Overlay.
Adam Hawkins, Vice President for Partners Capital, worked with Sam Affanhe of Hunington Properties to source the deal off-market. Financing was provided by Peyton Jones at Veritex Bank in Houston, Texas.
Wes Babb, Adelaide Ehrlich, and Carson Hawley of SRS Real Estate Partners will be responsible for leasing the property, and NAI Partners’ Landlord Services Division’s Property Services group will handle property management.
The acquisition represents Partners Capital’s 18th transaction overall since its launch in 2015. Partners Capital owns a real estate portfolio totaling more than 1 million sq. ft. and has completed over $200 million in transaction volume.