New Dallas Firm Already Shopping the Markets
By Connie Gore
DALLAS – They’re billing themselves as “The Odd Couple,” a marriage of corporate tenant services and investment sales. The hook is that two of Dallas’ old guard and a Mexican partner have formed a firm, with hefty backing, to play off the synergy from the “Bush-Fox” alliance and their longstanding South of the Border ties.
Drew Peterson, Mark Robertson and Gerardo Garcia-Bartning stand for PRG Realty, which just opened its doors at 3232 McKinney in Dallas. They’ve lured Matt Nine from Chicago-based Equis Corp.’s fold and two more area professionals will be on board in September. Since they haven’t cut their ties with their present employers, their names aren’t being released.
Peterson and Robertson will use their Mexican connections as w4ell as those in Asia and Europe to drum up equity investors to buy US office buildings in the “B plus or A minus” categories. Two buildings in Dallas are under consideration and one in Miami. One of those will be the 2002 acquisition in a plan to close the first deal by year’s end, Peterson tells GlobeSt.Com.
The men are closely watching other cities on behalf of the money behind them. Austin, Boston, Denver, and San Jose also are on the hot list. But, Robertson emphasizes, “our equity partners will direct where they want their money.” Peterson says there is $45 million to $55 million ready to be spent by the investors in hand. PRG Realty also will kick in capital.
Peterson says the play is possible now that the bid-ask spread has narrowed and more investors are looking for a stable hold for their money. No, they aren’t bottom fishing nor fire sale hunting. The idea is to find well-located office buildings with occupancy in the mid-80% range that are “fairly priced,” says Peterson, whose team will be tasked with “tweaking” assets for resale.
They intend to make the most of the economic “love fest” between US and Mexico, an alliance bridged by the longtime friendship between President George Bush and President Vicente Fox. Peterson says Garcia-Bartning and his equity peers believe “their future is one that includes heavy involvement in the US while developing and maintaining their own country.”
Robertson’s ties with Mexico run deep. He masterminded the Cushman & Wakefield push into Mexico and South America. He also set up the capital advisers group in the Southwest US for Insignia/ESG. Peterson, a well-known C&W alumni, is back from a stint on the beach, with a handful of his old clients in tow. And the third partner, Garcia-Bartning is a high profile industrial developer in Mexico City, mainly dealing in build-to-suits for US corporations.
