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Dallas boutique brokerage Landry Commercial Real Estate Services just nabbed a veteran broker to help grow its industrial platform.
Joe Whitmer, who had been at Transwestern for the last 12 years, joined Landry in July as a partner and managing director. He will be tasked, among other things, with adding another 10 to 15 industrial pros at the shop in the next few years. Landry specializes in tenant representation, leasing, property and construction management, and capital markets. The company handles industrial, retail and land.
For Whitmer, the move is a reunion of sorts with Landry founder Brant Landry.
“I worked with Joe while growing Transwestern’s industrial group in 2008, and he was an integral part of the success of that team,” said Landry in a statement. “Fast forward a few years and we are joining forces again.”
The firm is in growth mode, and have a buy-side connection: Landry and his partners started a private fund shop called Reserve Capital Partners to acquire value-added industrial, self-storage and office properties in the Dallas area.
The company's first fund was on track to acquire $300 million of properties by the end of this year, according to the company.
“Landry’s entrepreneurial spirit drive the company and is ultimately what attracted me to join the team,” said Whitmer.
Dallas’ industrial market continues to chug along, according to CoStar research, despite a wave of new supply. The market’s 6.1% vacancy rate is well above the 5% national average, but rents are increasing an annual average of 5.4%, above the 4.9% national rate.
Logistics is the driving force: traditional warehouse tenants like FedEx and UPS continue to grow in the area, as do newcomers like Amazon, which has snapped up an average of one to two million square feet of newly built product in the area every year recently.