Newport Capital Partners Fund III Completes First TX Buy
Newport Capital Partners recently acquired Stassney Heights on behalf of its value add-focused Newport Capital Partners Fund III. The 103,030-square-foot grocery-anchored neighborhood shopping center is situated on the southwest corner of Stassney Lane and Interstate 35 in Austin.
Stassney Heights is currently 93 percent leased and anchored by Houston-based supermarket Fiesta Mart. In line with the Fund III’s investment focus, the property’s merchant mix is diversified and includes Umi Sushi, Castle Dental, T-Mobile and Clinica Hispana.
“This acquisition is Newport’s first investment on behalf of Newport Fund III and the firm’s first investment in the state of Texas. We are thrilled to kick off Fund III with such a prominent asset in one of the fastest-growing major metros in the U.S.,” says Ben Andrews, principal and head of investments. “Stassney Heights is a high-quality neighborhood center with a strong tenant roster that meets the daily needs of both consumers and merchants in this submarket.”
The property was marketed to a limited qualified buyer pool by CBRE’s Dallas team on behalf of a Northeast-based retail and industrial investment manager. Financing was provided by Wintrust Bank and arranged through Newmark.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.