Partners Capital has sold San Marcos Place, a 73,105-square-foot retail center in San Marcos, Texas, halfway between Austin, Texas, and San Antonio. The undisclosed buyer is based in Austin. SRS Real Estate Partners Senior Vice President Cathy Nabours and Vice President Kyle Shaffer represented the seller.
Back in June 2018, Partners Capital acquired the property through Partners Opportunity Fund II, a direct lending fund managed jointly by Benefit Street Partners and Providence Equity Partners. The sale of San Marcos Place marks the closing of the vehicle.
San Marcos Place is a two-building property that came online in 1985 and was renovated in 2017. At the time of this most recent sale, the retail center was 82 percent leased. The tenant roster includes the Social Security Administration, USPS, Lendmark Financial Services, Republic Finance and Austin Weight Loss, among others.
The property is at 900 Bugg Lane, at the intersection between Highway 80 and Interstate 35. Downtown San Marcos is less than 2 miles west and San Marcos Regional Airport some 3 miles away. A Walmart Supercenter and the multitenant Sanmar Plaza are just across the street.
Last year, the company also launched Partners Opportunity Fund V, which targets retail, alongside industrial and office. As of August 2024, the company had already bought three assets through this value-add vehicle, debuting with a shopping center in Fort Worth.