A new investment partnership is seeking industrial properties in Texas – starting with Dallas-Fort Worth.
Fort Worth-based PHP Capital Partners is partnering with California-based CapRock Partners to purchase warehouse and distribution buildings.
The partnership has just made its first purchase, an industrial property of over 95,000 square feet in Grand Prairie.
The building is 90% leased to several tenants.
“1000 Post & Paddock checks all the boxes of our strategy as a functional lightweight industrial property in a centralized location,” Pete Van Amburgh, co-founder of PHP Capital, said in a statement. “It’s a great addition to our existing portfolio and to the diversity of users within the park.”
PHP Capital and CapRock Partners plan to buy more properties in Dallas-Fort Worth, Houston, Austin and San Antonio.
“With a shared belief in the long-term growth of the Texas industrial market, this partnership will allow both PHP and CapRock to expand their operations in the value-added light industrial segment across Texas,” said Van Amburgh said.
PHP Capital Partners was established last year and has already acquired approximately 900,000 square feet of real estate in North Texas, San Antonio and Houston.
CapRock Partners, based in Newport Beach, owns 35 million square feet of industrial real estate in the Western United States and Texas markets. The company founded in 2009 controls $2.6 billion in assets.
“We believe this will be a strong partnership for both companies, especially given this ever-changing economic environment,” said Jon Pharris, co-founder and president of CapRock Partners.