HOUSTON – (Realty News Report) – NAI Investment Fund sold its office building at 12600 North Featherwood Drive, in southeast Houston.
The building was the first property purchased by Fund I shortly after it launched in 2015. Andrew Pappas and Adam Hawkins of NAI Investment Fund worked with Marty Hogan of HFF to close the deal.
“Our investment thesis since inception has been to identify office, industrial and retail properties in Houston, Austin, San Antonio and Dallas that afford us the opportunity to add significant value in a relatively expedient timeframe,” said Andrew Pappas, Senior Vice President of NAI Investment Fund.
The Featherwood building was 94 percent occupied at the time of the sale, up from 77 percent when the building was acquired in 2015.
NAI plans to launch Fund III in early 2019. The NAI Investment Fund I portfolio currently consists of Spring Park Village, a 76,409-SF retail center located at the intersection of I-45 and Cypresswood; 11301 Fallbrook Drive, a 61,165-SF medical office building in Houston; and Marymont Park, a one-story office park in northeast San Antonio.