CapRock Partners opens office in Texas almost 2 years agohas added a new executive to oversee its acquisition strategy across the U.S. Central region, particularly in the Lone Star State, where re-pricing has put everything from vacant properties to raw land for development up for discussion. did.
The Newport Beach, Calif.-based real estate company recently hired Taylor Stearns as vice president of acquisitions for the region. He will be responsible for leading the company's acquisition efforts in Texas, with a focus on industrial real estate and fundamental development opportunities that CapRock can purchase and increase value. The company said it plans to invest well over $1 billion in target markets across the Lone Star State, including Dallas-Fort Worth, Houston, Austin, San Antonio, El Paso and Laredo.
“Industrial real estate is considered the golden child of real estate and is taking off in a big way with a lot of investor interest and capital pursuing this space,” Stearns told Coster News. “Prices have peaked over the past two years and we are currently in the process of revaluing existing properties and assets on the land side.”
In his new role at CapRock, Stearns will oversee acquisitions in Texas and build a team that covers the state's major industrial markets. The company is targeting a deal between $20 million and $75 million. He said the properties the company seeks could include some troubled land that slows industrial development and vacates multi-tenant or single-tenant properties.
“The property could be vacant and could either be invested with capital and made into a more rentable format, or could become a piece of raw soil on which new industrial space could be built.” Stearns said. Caprock added that he is willing to take on challenges that other groups may not have been able to overcome, such as zoning issues.
Stearns has already seen some off-market opportunities emerge amidst a challenging capital markets environment, with more expected in the coming months. “We're starting to see that.”
John Farris, president of Caprock, said: he moved his family to texas Last year, the company announced that along with Stearns, it was adding an acquisition leader with “deep local knowledge” of the Texas market to the team to help build out its Central America portfolio to help build out its industrial portfolio.
Stearns said that despite macroeconomic conditions, demand for industrial warehouse space remains strong in Texas' major logistics markets, especially as onshoring and supply chain challenges are driving demand for warehouses and distribution centers. He said it was strong. He added that with the reset of real estate and land prices in the current market, Caprock, which has sufficient capital through various funds, can take advantage of this opportunity.
Prior to joining CapRock, Mr. Stearns was a director and investment sales broker in the Southwest region at Cushman & Wakefield, where he represented industrial portfolios for institutional and retail clients. During his eight-year career at the brokerage firm, Mr. Stearns worked on his $5 billion in industrial investment sales and joint venture equity placements in transactions over his 65 million square feet in Texas and the United States. I did.
CapRock's portfolio includes more than 17 million square feet of real estate in the western and central United States.
