HSM Returns to West Texas, Partners with Former G&E Team

EL PASO, TX-Close to four decades after Henry S. Miller closed its local shop, the Dallas-headquartered company has expanded back into the El Paso and New Mexico commercial real estate markets. Henry S. Miller Brokerage-El Paso opened May 1, with Rick Stoes, managing director and principal of Stoes Real Estate Advisors, heading up the new operation.

In his new operation as independent owner and Henry S. Miller Brokerage LLC licensee, Stoes and associate broker Troy Fuller will be responsible for finding CRE projects in El Paso, West Texas and New Mexico that HSM can list, own, manage and operate. Stoes Real Estate Advisors' CRE portfolio and exclusive listings will be absorbed into Henry S. Miller's as well.

One such project is the 260-unit Casas de Soledad, a multifamily complex at 3901 Sonoma Springs Ave. in Las Cruces, NM. According to Henry S. Miller Realty Services LLC's president and COO Sam Kartalis, the company manages, leases and is a partner on the luxury multifamily project.

"El Paso is a growth spot, right across the river from Mexico," Kartalis explains. Kartalis is correct in his assessment; for one thing, El Paso is home to Fort Bliss, which benefitted from the Defense Base Closure and Realignment Commission, known as BRAC, by absorbing additional personnel. Furthermore, El Paso is ground zero for oil and natural gas, generating growth and jobs. Forbes and the Wall Street Journal are impressed with this city; the former recognizing it as one of the best places for jobs and the latter recognizing it among its top fast-growth cities.

Kartalis tells GlobeSt.com that HSM had an office in El Paso during the early 1970s, but the distance between Dallas and El Paso – some 800 miles – made control of that office difficult. "But now we have a local franchisee," Kartalis says. Also helping these days is that Southwest Airlines now regularly flies between Dallas and El Paso. "We didn't have Southwest Airlines when we closed shop there," Kartalis says.

For years, Stoes was affiliated with Grubb & Ellis Co., operating Grubb & Ellis-New Mexico. However, when Grubb & Ellis experienced troubles, Stoes broke away to form an independent company.  Stoes had a long-standing relationship with Shawn Ackerman, who works at Henry S. Miller's Houston office, which is how Stoes came to the attention of HSM's leadership. "Shawn thought it would be a good idea for Nick to be under our umbrella so we could work more closely," Kartalis says. "It made sense – especially with the growth going on in El Paso."