NAI Investment Fund II Finalized, Closes Two Transactions
NAI Partners’ Investment Fund finalized its Fund II portfolio through the acquisitions of the 66,530-square-foot Leghorn Service Center in Houston, and the 149,305-square-foot Clear Lake Business Center in Webster, TX. NAI Investment’s Fund I and Fund II consists of eight properties, with a total size of 656,000 square feet, and a value exceeding $75 million. The company is raising its third fund, NAI Investment Fund III, which is scheduled to close in March 2019.
Berkeley Properties sold Leghorn Service Center on Guhn Road and Clear Lake Business Center at 15502 Galveston Rd. Both properties are 80% occupied. Andrew Pappas, Adam Hawkins, and John Nolan of NAI Partners’ Investment Fund negotiated and closed the deals. Kevin Hassenflu of Amegy Bank handled debt financing. The properties will be managed by NAI Partners’ Jennifer Gourlay and Amy Ivy, while Lesley Rice and Andy Parrish, also with NAI Partners, will lead the project’s leasing efforts.