NAI Investment Fund Unloads 12600 N. Featherwood

NAI Investment Fund I ended its three-year hold on the 74,753-square-foot 12600 N. Featherwood Dr. on Houston’s southeast side. Andrew Pappas and Adam Hawkins with Fund I worked with HFF’s Marty Hogan on the sale to buyer Mission Cos. The sales price was undisclosed.

Pappas said the sale was the fund’s first full-cycle deal, with returns exceeding investor expectations. He went on to say that the fund will continue its value-add asset management strategy over the next 2-3 years. “At that time, it will begin to consider dispositions,” he said.

The NAI Investment Fund I portfolio consists of the 76,409-square-foot Spring Park Village and the 61,165-square-foot 11301 Fallbrook Dr., both in Houston; and the one-story Marymont Park in San Antonio. The NAI Investment Fund recently closed fundraising for Fund II, and will deploy capital in 2018, as it works to build a total portfolio of $80 million. Fund III is scheduled to launch in early 2019.

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