NAI Under Contract on First Acquisition
NAI Partners is under contract to buy an office property in southeast Houston. SVP Rob Evans says the firm closed its first fund, PCR Investment Fund I, at the end of May and has been in a full court press since to buy office and industrial properties in Houston, Austin and San Antonio. Rob says it’s been hard to find product in Houston, and he believes it will remain that way until sellers get more realistic and come down on their prices. Its first purchase sits off 45 near Fuqua. NAI’s goals: Multi-tenant value-add properties (Rob says he’d like 60% occupied buildings in 95% occupied markets). The fund hopes to place $200M in 10 to 12 properties over the next year or two. Rob predicts most will be in Houston, and will probably be 75% office/25% industrial, but he’ll do whatever the market dictates.
