Partners Capital Trades San Antonio Office Property
- Jan 22, 2021
Partners Capital, the investment arm of NAI Partners, has sold Marymont Office Park, an 85,368-square-foot office property in San Antonio, to Citadel Venture Holdings. Cushman & Wakefield represented the seller.
The property’s four one-story buildings opened in 1982. Located on 7 acres at 2391 NE Loop 410, the asset is just off Interstate 410, 5 miles from San Antonio International Airport.
Partners Capital’s Fund I originally acquired the asset in 2017. CommercialEdge shows Marymont has a diverse tenant mix, including San Antonio Kidney Disease Center, South Texas Community Living and PFS Auto Finance.
Over the past several months, Partners Capital has been active across Texas. In October, the investor acquired a segment of Trails at 620, an Austin retail property. Then, in November, the firm bought Blanco Crossing, a San Antonio commercial property 12 miles north of Marymont.
Although San Antonio’s office market has faced challenges during the past year, the fourth quarter showed some positive signs, according to an office report from CBRE. Class A absorption was positive, up 177,000 square feet in the fourth quarter. Just west of Partners’ acquisition, the metro’s North Central submarket had the highest overall absorption, clocking in at 262,000 square feet.
The city’s industrial market is also growing. In December, Amazon announced plans to open 2.1 million square feet of industrial space by 2022. Plans call for two fulfillment centers and a delivery station.