August 16, 2018
NAI Partners Investment Fund II acquired Wells Fargo Business Park, a 104,212-square-foot flex business park in north Houston. The transaction with seller Berkeley Partners is the fund’s second in Texas; it closed on San Marcos Place in early July 2018.
Wells Fargo Business Park, at 301-305 Wells Fargo Dr., is an 88%-occupied two-building, one-story asset. The fund is planning a significant capital investment in the property, including upgraded infrastructure, and cosmetic enhancements.
John Ferruzzo of NAI Partners sourced the transaction. Andrew Pappas and Adam Hawkins of NAI Partners’ Investment Fund closed the deal. NAI partnered with Peyton Jones of Green Bank for debt financing. NAI Partners’ Josh Welch will manage the property, while Andy Parrish and Lesley Rice will handle leasing.
NAI Investment Fund wants to have $70 million in total assets under management by the end of 2018, and plans to launch its Fund III in October 2018.
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