A San Marcos shopping center is under new ownership.
NAI Partners’ Investment Fund II now owns San Marcos Place, a 73,105-square-foot center at 900 Bugg Lane.
The center had been owned by Robb Lane Limited, an Austin firm, according to Hays Central Appraisal District records.
A purchase price wasn’t disclosed, although the appraisal district valued the property at $3.7 million this year.
San Marcos Place, which is currently 84 percent leased, represents the first acquisition for NAI Partners’ Investment Fund II, with additional purchases expected to follow.
Tenants in the four-building center include Half-Price Books, Nationwide Insurance and Pizza Hut.
“With San Marcos ranking as the fastest-growing city in the country for three years running, we were pleased to be able to find a value-add local asset that met our internal criteria and capitalize on the area’s rapid growth,” Andrew Pappas, NAI Investment Fund’s senior vice president, said in a written statement. “Our platform is committed to investing capital through numerous aesthetic updates and hands-on asset and property management to generate value for our investors, and San Marcos Place dovetails nicely with our strategic plan.”