Real estate investment firm CapRock Partners is expanding in the Texas market, bringing on a new executive to lead acquisitions in the state.
The California-based company announced that it has hired Taylor Starnes as vice president of acquisitions for its Central Region, which includes a Texas focus. In his new role, Starnes will oversee all acquisition efforts in the Lone Star State as CapRock looks to “begin our strategic portfolio expansion” in Texas, according to company President Jon Pharris.
“We wanted an acquisition leader with deep local knowledge of the Texas markets, and Taylor is a talented professional who adds great value to our Texas-based team,” Pharris said.
Starnes, who is based in Fort Worth, brings considerable experience from his nearly eight years at commercial real estate services firm Cushman & Wakefield, where he handled over $5 billion in industrial investment sales across Texas and the U.S., CapRock said.
“The trending market environment and current reset of asset and land values creates an exceptional opportunity for CapRock to expand across the Central Region,” Starnes said in a statement. “CapRock is well capitalized across various funds and its outstanding industry reputation is built on its great people and a culture of integrity, leadership, and excellence.”
At CapRock, Starnes said he will target value-add industrial assets and land for development in major Texas markets Dallas-Fort Worth, Houston, Austin, San Antonio, as well as the El Paso and Laredo submarkets.
An “exceptional opportunity” to expand
“CapRock is a premier institutional investor and developer that is well known in the Western U.S. but is new to the Texas market,” he said. “Despite the macro-economic climate, demand for industrial warehouse space remains strong in Texas’ key logistics markets.”
Starnes says that current market conditions create an “exceptional opportunity for CapRock to expand across the Central Region,” adding that the company is “well capitalized across various funds.”
CapRock currently owns and manages over 17 million square feet of industrial facilities in the Western U.S., but Texas represents a new endeavor for the firm as it looks to grow its national footprint. Starnes’ connections and market knowledge will be key assets as CapRock plants its flag in the competitive Texas real estate arena.
Founded in 2009, the privately owned investor and developer of industrial real estate across the Western and Central United States claims more than $3 billion under management. According to the news release, the company specializes in value-add acquisitions and large-scale Class A warehouse development. It’s acquired, developed, or entitled more than 30 million square feet of industrial space to date.
“I look forward to bringing my skills, relationships, and considerable knowledge to help grow the CapRock portfolio in Texas,” Starnes said.
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