Partners Closes in on $1B in Deals with Shopping Center Acquisitions, Market briefs

In Houston, Partners Capital, the investment platform of Partners Real Estate, is closing in on $1 billion in transactions with the completion of its latest investment: three shopping centers in northwest Houston.

Houston-based Partners Capital has purchased three neighborhood shopping centers along Highway 6 in the Copperfield area. The purchase was made through Partners Capital’s Opportunity Fund VI. The sales price was not disclosed.

With the purchase, the company has completed more than $950 million in transactions through nine investment funds over the last decade.

The Highway 6 Retail Portfolio, totaling 116,143 sq ft, consists of the Town Square Shopping Center and The Exchange Shopping Center, both located near West Road, and Boardwalk Shopping Center near Longenbaugh Drive. The centers are about two to three miles south of Highway 290.

“Buying three centers on Highway 6 in a single transaction gives us scale on one of Houston’s most trafficked retail corridors,” said Andrew Pappas, Partner and President of Partners Capital. “The surrounding residential base is affluent and these assets align with our thesis: acquiring well-located retail where our asset management team can step in and drive value for our investors.”

“Ownership recently modernized The Exchange and Boardwalk, and we look forward to completing a full renovation at Town Square to bring it up to that same standard,” said Carson Grett, Vice President of Retail Acquisitions for Partners Capital. “Highway 6 sees more than 50,000 vehicles per day, and these centers and their tenants are established fixtures for the surrounding community. We’re eager to begin operating them and investing in the area.”

John Indelli and Zamar Salas of JLL represented the seller, the David Weekley family.

Other properties in the Fund VI portfolio include Colonnade of McAllen, a 41,041-SF neighborhood retail center in McAllen, and Powers Ferry Business Park, a 261,949-SF flex/service center in Northwest Atlanta.

Partners Capital’s portfolio spans more than 2.28 million sq ft across key markets in Texas and the Southeast.