New partnership closes on first asset, a 95,250 SF, 4-building business park in DFW
DALLAS – (July 7, 2022) – PHP Capital Partners (PHP), a privately owned investor and operator of industrial real estate properties, has entered a joint venture with CapRock Partners, a leading institutional industrial real estate investor, developer and asset manager based in Newport Beach, California. Through this partnership, PHP and CapRock plan to acquire value-add industrial properties throughout major Texas markets, including Dallas-Fort Worth, Houston, Austin and San Antonio.
Off to a successful start, the partnership recently acquired 1000 Post & Paddock in Grand Prairie, Texas. Totaling 95,250 square feet across four buildings, the property provides users a centralized location in a park-like setting. Approximately 90% occupied to several tenants, the property sits on almost five acres and is comprised of warehouse and office space.
“1000 Post & Paddock checks all the boxes for our strategy as a functional, light industrial property in a centralized location. It’s a great complement to our existing portfolio and the diversity of users within the park,” said Pete Van Amburgh, Co-Founder of PHP. “After getting to know the CapRock team, we appreciated the mutual alignment in our industrial acquisition strategy. CapRock is an institutional quality operator with a great reputation for its integrity and focus on growth. With a shared belief in the long-term growth of the Texas industrial market, this partnership will allow both PHP and CapRock to scale operations in the value-add, light industrial segment across Texas.”
CapRock Partners, founded in 2009, has acquired, developed or entitled more than 35 million square feet of industrial space in the western U.S. and Texas with approximately 10 million square feet currently under construction. With $2.6 billion in assets under management or advisement as of December 31, 2021, CapRock manages a series of private funds with multiple targeted investment objectives. The company has raised approximately $1.5 billion of equity commitments across multiple partnerships from domestic pension plans, university endowments, sovereign wealth funds, life insurance companies, family offices and other global investors.
“PHP is in a unique position to source off-market, value-add opportunities across the major Texas markets,” said Jon Pharris, Co-Founder and President of CapRock Partners. “Like CapRock, PHP is entrepreneurial in its ability to recognize unique assets, and they have long-standing relationships to procure these assets off-market. We believe this will be a strong partnership for both companies, especially given this ever-changing economic environment.”
Van Amburgh, along with Hunter Harrison and Paul Carr, founded PHP Capital Partners in early 2021 to capitalize on the increased demand for infill industrial properties within Texas. In that time, PHP has successfully acquired approximately 900,000 square feet across 10 properties in DFW, San Antonio and Houston.
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.
About CapRock Partners
Founded in 2009, Newport Beach, Calif.-based CapRock Partners is a fully integrated real estate private equity firm focused on acquiring and developing logistics assets in the Western United States and Texas. The firm specializes in acquiring middle-market, value-add industrial assets and developing large-scale, institutional-quality, Class A industrial warehouse facilities in high-growth markets across California, Arizona, Nevada, Utah and Texas. Since inception, CapRock has acquired, developed, or entitled more than 30 million square feet of logistics assets. CapRock manages a series of private real estate funds and has raised approximately $1.5 billion of equity commitments across multiple partnerships. CapRock Partners is registered with the U.S. Securities and Exchange Commission. For more information, visit www.caprock-partners.com. Follow the company on Facebook, LinkedIn, Twitter and Instagram.
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