X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

ADDISON, TX-Looking to get an industrial foothold in Texas, the four-year-old ML Realty Partners LLC of Itasca, IL has tapped First Industrial Realty Trust Inc.’s ranks to put a man on the ground with a first-year buying plan for $50 million to $100 million of class A, B and C space in one-off deals.

Turning on office lights this morning is Ron Carey as regional vice president, who vacated a senior investment officer’s role for the Chicago-based First Industrial’s Gulf and Mountain regions. First Industrial didn’t respond by publication time to comment on the exit.

Carey was one of a handful of professionals interviewed for the position. “Ron’s character and philosophy just jumped out,” says Michael W. Luecht, president and CEO of ML Realty. The job that’s been carved out is to start finding and buying industrial buildings, using a till that’s heavily funded by Principal Enterprise Capital, a subsidiary of the Des Moines-headquartered Principal Global Investors.

“We have the capital in place to more than grow the company two to three times its current size,” Luecht tells GlobeSt.com. “We are long-term players with long-term capital.” The portfolio, mostly built through one-off, off-market transactions, totals six million sf, the lion’s share of which is industrial space in the Chicago area. Less than one million sf is office space in Houston and Minneapolis. The plan for Texas is solely focused on industrial acquisitions, with the spotlight pointed at Dallas, Fort Worth and Houston.

Luecht, who spent the 1990s working the Texas markets, has an industrial property under contract in Dallas/Fort Worth. It will close in mid-November, he says.

Luecht’s plan is to have Carey solo at first from the 14131 Midway Rd. office, but then pick up teammates as deal flow builds. Leasing and management contracts are always outsourced.

Luecht says 80% of the ML Realty acquisitions have been one-off transactions; he anticipates Texas will follow that lead. He says the investment group’s appetite is mortared by the capability to quickly close deals, citing its record-breaking 14-day turn on one Chicago pickup. “We are entrepreneurial investors with local discretion who happen to be backed by institutional dollars,” he says, “so we can move pretty quickly. We don’t need to go outside our office for any deal approvals.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.