DALLAS-A 24-year-old, privately held investment company has set an expansion plan in motion, tapping a regional veteran to be president of a new equity capital group for joint venture acquisitions.
Stephen A. Scott has marked his first month on the job as president of Eagle Equity Capital LLC, an affiliate of Dallas-based Eagle Equity Inc. Scott most recently was executive vice president and acquisitions director for Henry S. Miller Commercial in Dallas.
"There was a synergy we could create by combining forces," Michael Hershman, Eagle Equity president, tells GlobeSt.com about the decision to create a new buying group after 24 years of using in-house funds to build a nationwide portfolio based on value-adds and land deals. The affiliate opens the door for development, he adds.
Eagle Equity's 5.2-million-sf portfolio is 70% retail and 30% office/warehouse, mostly in Dallas/Fort Worth. Other regions are Birmingham, AL, and the South Texas cities of Corpus Christi, Brownsville and Harlingen. The investment group recently sold eight of 21 acres in Petaluma, CA to the Atlanta-based Trammell Crow Residential and plans to build out the balance with retail space, Hershman says.
Scott's first task is to raise capital for a joint venture purchase of a big-box retail acquisition in Houston. Scott says he's pushing to raise $15 million of equity to seed the first fund. The first deal, in all likelihood, will be closing in the third quarter, according to the two executives.
Scott is soloing for now, but the 11-employee firm will add members as the portfolio grows. According to Scott, the most likely addition will be to pick up property managers for the acquired assets.
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