An investor has more than $40 million in capital to spend on income-producing commercial real estate in Dallas, Fort Worth, Houston, Austin and San Antonio.
Houston-based Flagship Properties Corp. has formed a joint venture fund with Houston-based Hines Global REIT Inc. called Flagship Capital Partners I L.P.
Flagship's David Mincberg, chairman and CEO, and Jarrod Foerster, senior vice president, will serve as co-managing principals of the fund.
The firm has previously headed up a number of commercial investments in the Dallas area, including office, retail and multifamily, Foerster said.
"We are looking for any income-producing commercial real estate with a value-added component," Foerster said.
The fund would be scalable and, if the more than $40 million of initial investment was well-received, the joint venture could invest additional funds, he said.
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