HOUSTON – (Realty News Report) – NAI Partners’ Investment Fund III has acquired the Avera Commerce Center, a 16-building flex industrial park in the Stafford community.
The 245,495-SF single-story industrial park on 14.6 acres is located near Greenbriar Drive in Stafford on the southwest side of Houston.
“We put it under contract right when the coronavirus epidemic started,” said Adam Hawkins of NAI Partners. “It was a really complicated transaction with 60 tenants – that alone is difficult to get done. And then you throw in a global pandemic with oil what happened with oil on top of that. Working with Amegy Bank we were able to achieve some pretty favorable financing at a time when it seems like no one is able to go out and get CMBS debt or go out debt in the marketplace.”
The Stafford project was originally developed by the Avera Cos., a Houston development firm led by Trey Odom. Avera Cos. sold the property years ago but the buyer retained the “Avera” name.
Hawkins said NAI Partners is renaming the industrial park, deleting the Avera name.
The seller, Raith Capital of New York, was represented by Darrell Betts of Avison Young.
Andrew Pappas and Hawkins of NAI Partners’ Investment Fund negotiated the deal. Natalie Garza with Amegy Bank arranged the debt financing.
“This deal marks the twelfth acquisition for the NAI Investment Fund platform and officially pushes our current portfolio over 1 million SF, 327 tenants, and over $125 million in transaction volume,” said Pappas.
Andy Parish and Lesley Rice of NAI Partners will lease the industrial park.