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CBRE hired Grant Hortenstine, Thomas Berry, Pearce Martens and Jeff Wood to join its Houston industrial and logistics group.
Hortenstine will be senior vice president, while Berry, Martens and Wood will be vice presidents. The team comes from Savills Industrial, where it has completed transactions valued at more than $240M since 2020, according to a press release.
A notable transaction for Hortenstine and Martens was TigerHawk Logistics’ 135K SF lease late last year at Portside Logistics Center, Stream Realty’s 1M SF industrial facility in Baytown.
“Adding Grant, Thomas, Pearce and Jeff is a tremendous complement to our existing industrial team and expands our reach across the Gulf Coast,” Peter Mainguy, senior managing director for CBRE’s Houston office, said in a news release. “Their dynamic and energetic approach to business combined with CBRE’s extensive platform will be a successful formula to winning new business and expanding our market share.”
Hortenstine has 10 years of commercial real estate experience and was responsible for transactions totaling 1.2M SF in 2023, CBRE said. He had been an executive managing director at Savills Industrial since 2020.
Berry has five years of experience and started his career with Avison Young in 2019. He was a managing director at Savills Industrial.
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Martens began working in commercial real estate in 2021 after working for Marathon Oil Corp. managing onshore assets. Wood joined the commercial real estate industry in 2020 after working as a senior analyst for a corporate tax consulting firm. Both were associate directors at Savills.
Houston’s industrial market saw 4.4M SF of absorption in the first quarter, while 6.3M SF of industrial product was delivered, according to CBRE.
Another 41 projects totaling 12.2M SF are under construction, about 3.8M SF of which is pre-leased. New deliveries have pushed the industrial vacancy and availability rates up to 6.3% and 8.3%, respectively.
There has been a slowdown in construction, but about 2.9M SF of product broke ground last quarter, according to the CBRE report.
Other Houston-area CRE team moves this year include former Avison Young professionals Tommy LeBlanc, Thomas Monaghan, John-Michael Kamel, Blake Steele and Elizabeth Riley moving over to MLB Commercial Real Estate.
UPDATE, MAY 10, 9:28 A.M. CT: This article has been updated to add photos of Jeff Wood and Thomas Berry.
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