PHP Capital Partners
PHP Capital Partners, a privately-owned investor and operator of industrial real estate properties based in Fort Worth, announced the acquisition of 1000 Post & Paddock in Grand Prairie with new venture partner CapRock Partners.
The property totals 95,250 square feet across four buildings across almost five acres and is comprised of warehouse and office space. About 90% of the space is occupied by several tenants, according to a press release.
“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,” says PHP co-founder Pete Van Amburgh in a statement.
“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, based in Newport Beach, California, and 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 Dec. 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,” says 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 acquired approximately 900,000 square feet across 10 properties in DFW, San Antonio, and Houston, according to the company.