Freeport 7 – Photo Credit: Stream Realty Partners
IRVING, Texas – (June 18, 2024) – PHP Capital Partners (PHP), a privately owned investor and operator of industrial real estate properties, has acquired Freeport 7, a single-tenant light industrial property near the Dallas-Fort Worth International Airport in Irving, Texas. The price was not disclosed.
Located at 9150 N. Royal Lane, the 56,076-square-foot property is 100% leased to Inspire Event Solutions, a wholly owned subsidiary of Ashford, Inc.
“This property checked all of our boxes as we continue to target functional, shallow-bay industrial properties in urban infill areas,” said Pete Van Amburgh, co-founder of PHP Capital Partners.
Other positive factors included the attractive basis for which the property was purchased and its airport proximity without being burdened by a DFW Airport-owned ground lease. Van Amburgh explained tightening credit standards continue across all commercial real estate lending.
“We opted to raise all equity to close this transaction with existing limited partner investors,” he said.
Van Amburgh, Hunter Harrison and Paul Carr founded PHP Capital Partners in early 2021 to capitalize on increased tenant demand for infill industrial properties throughout Texas. Though the current higher-for-longer interest rate environment offers more challenges in completing deals, Van Amburgh said PHP Capital’s flexible organizational structure allows the company to remain nimble in its purchasing decisions.
PHP Capital’s additional acquisitions within the past year include the 56,000-square-foot 3300 Nacogdoches (San Antonio), the 25,000-square-foot 3101 E. Avenue E (Grand Prairie) and the 25,000-square-foot Southwest Business Center (Fort Worth). PHP Capital also sold the 165,000-square-foot Blue Smoke Business Park in Fort Worth.
“Freeport 7 marks our 19th transaction as a company,” Harrison said. “This acquisition is a great example of the kinds of transactions we are looking for. Despite a very challenging market, we’re hopeful to capitalize on several more opportunities at this point in the cycle.”
About PHP Capital Partners
PHP Capital Partners is a privately owned industrial real estate investment firm based in Fort Worth, Texas. The firm achieves exceptional, risk-adjusted returns for its partners through the acquisition, operation, and asset management of functionally superior, light industrial real estate properties in strategic markets across Texas. When evaluating and executing on acquisition targets, PHP aligns its interest with those of its stakeholders to derive exceptional outcomes.