S2 Capital Buys Firm, Creates Industrial Vertical

S2 Capital has entered into a definitive agreement to acquire Fort Capital, a Texas-based real estate owner and operator. The deal is expected to close on August 11.

The acquisition marks S2 Capital’s first foray in the industrial sector, adding a 50-person investment team and a portfolio of 11 million square feet to the firm.

Chris Roach, formerly with BBG Real Estate Services, and Parker McCormack, formerly with JLL, will lead the industrial platform alongside S2 Capital Founder & CEO Scott Everett. Building on Fort Capital’s legacy and local expertise, the new platform will focus on purchasing and managing core-plus industrial properties in key markets across the country, giving priority to shallow-bay industrial products.

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Founded in 2010 in Fort Worth, Texas, Fort Capital has a targeted acquisitions pipeline of more than $350 million. According to Yardi Research Data, the firm’s portfolio includes properties in the San Antonio, Dallas-Fort Worth and Houston markets, such as:

• Airport Commerce Park, a 306,650-square-foot industrial campus in Humble, Texas
• Corporate Park West, a 175,665-square-foot, four-building campus in Houston
• Sturgeon Business Park, a 178,730-square-foot flex industrial park in Arlington, Texas
• Shorline Business Park, a 190,008-square-foot property in Arlington, Texas

Aided by S2 Capital’s in-house operating capabilities, the new platform is expected to further expand and invest in institutional-quality assets located in undersupplied markets.

Other recent M&A deals

This year has seen a fair share of mergers and acquisitions in commercial real estate, all signs pointing toward a revival. However, economic uncertainties and the interest rate landscape keep some investors on the cautious side.

One of the more recent deals was BlackRock’s purchase of ElmTree Funds. With this acquisition, expected to close in the third quarter, BlackRock expanded into the build-to-rent net lease industrial sector.

Another company with a keen interest in industrial holdings, Bridge Investment Group, will be acquired by Apollo for $1.5 billion. That deal will also conclude in the third quarter of this year.