Royal Montreal Plaza Buy Feeds Fund’s Acquisition Appetite
NAI Partners’ Investment Fund II made its third acquisition in two months, adding the 40,300-square-foot Royal Montreal Plaza neighborhood retail center to its portfolio. NAI plans aesthetic and management upgrades to the 97%-occupied property at 2004 S. Mason Rd. in Katy, TX.
The asking price for the asset, which delivered in 2005, was $9 million. The sales price was not disclosed.
Andrew Pappas and Adam Hawkins of NAI Partners Investment Fund negotiated and closed the deal. Peyton Jones of Green Bank handled debt financing. The seller, a Delaware Statutory Trust in Richmond, VA was represented by Todd Carlson of Hunington Properties.
Fund II acquired Wells Fargo Business Park and San Marcos Place this summer, with plans to have $70 million in real estate owned by the end of 2018.
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