3 Up-And-Comers Launch Firm To Invest In And Operate Industrial Properties
The Dallas-based investment and operations company capped its 2021 rollout with the closing of three off-market industrial transactions in May.
The company's first play in DFW's booming industrial landscape involves the purchase of the 96K SF Randoll Mill Service Center in Arlington, the 37K SF Northridge Business Center in Grand Prairie and the 61K SF The Courtyard at Midway in Richland Hills.
"Prior to the pandemic, we were already seeing increased investor demand within the light industrial space, especially in the major Texas markets and the greater Southwest," Harrison said in a statement.
"A year later, that activity has increased substantially as investors and users alike look to benefit from the growth of this asset class due to its importance within the post-COVID economy."
All three men are up-and-comers in commercial real estate. Van Amburgh served KDC as vice president of development before launching PHP, Harrison served Fort Capital as vice president of investments, and Paul Carr comes from NorthMarq Capital, where he served as a senior investment analyst.
"Hunter, Paul and I each saw the potential of forming a company around aggregating and operating a portfolio of these types of assets, but admit we took a big leap in an uncertain time. You must act fast and trust each other’s strengths to succeed in such a competitive environment," Van Amburgh added in a statement.
New data from Transwestern notes net absorption in the DFW industrial market reached an all-time high of 10.2M SF in Q1, prompting the area's vacancy rate to drop 40 basis points in one quarter. New construction also came in at a record high of more than 5M SF, Transwestern said.
The report said investment sales are only slightly below their pre-pandemic levels as cap rates continue to compress on heightened investor demand.