MLSA forms new parent company in San Antonio, Escalera Capital

San Antonio, Texas-based Escalera Capital, the newly restructured evolution of MLSA Ventures, is an investment company with a unique, vertically integrated ecosystem from three operating subsidiaries: Presidian Hospitality, Source Strategies and Mulberry Realty Partners.

With the successful raise and ongoing deployment of Fund 1 as a proof of concept and preparations underway for the launch of Fund 2, Escalera Capital is doubling down on its mission to deliver extraordinary outcomes to investors and communities.

“Our transformation into Escalera Capital represents the next chapter of growth,” said Bobby Magee, Managing Partner. “We know this integrated model is not just about efficiency—it’s about creating a seamless pipeline of opportunities that we can scale with each fund.”

Vertically Integrated to Maximize Value Creation

Escalera Capital’s unique structure sets it apart in the private equity landscape. By uniting its operating companies under a shared vision, the firm benefits from synergy across capital formation, acquisition, development and management. The firm’s data-driven approach, coupled with its extensive acquisitions and operational, ensures that each fund builds on the success of the last, creating a cycle of growth that benefits investors, partners, and communities alike. This integrated approach positions Escalera Capital to adapt swiftly to market opportunities.

“The creation of Escalera Capital marks a significant milestone and a natural progression,” said Charles Leddy, Managing Partner. “Bobby and I were originally investment bankers, so we are naturally looking at the real estate industry with innovative investment and execution strategies in mind. With our experienced leadership team, dedicated associates, innovative investment approaches and purpose-driven mindset, the future is bright for Escalera Capital.”

With more than 800 employees and $400 million in assets under management, Escalera Capital’s organizational structure integrates four main subsidiaries:

  • Presidian Hospitality is known for its award-winning hotels across Texas and Colorado, as well as its unique hands-on, purpose-driven approach to develop, acquire and operate experiential hotel properties.
  • 50 years ago, SourceStrategiesbegan as a small pen-and-paper research provider. Today, it is a digital and dynamic powerhouse in Texas, holding roughly a 50% market share for hotel feasibility studies in the state. Recently, it launched its first digital product, offering valuable real-time data to hospitality industry stakeholders.
  • Mulberry Realty Partners is an asset class-agnostic commercial property management company that vertically integrates across industrial, retail, and other asset classes. Through Mulberry Realty Partners, Escalera Capital can maintain operational control, drive efficiencies and enhance value creation across a diverse portfolio of properties.
  • Formerly known as Presidian Cares, the Escalera Foundation is a nonprofit organization focused on serving both Escalera Capital associates and the broader San Antonio community through health equity and early adult education. Escalera Foundation is a driving force behind Hope Lodge San Antonio, which will provide housing and resources to cancer patients and their caregiver who come to San Antonio for treatment in the San Antonio Medical Center.

Escalera Capital has more than a 25% internal rate of return on its diverse investment strategies executed over the past several years. Examples of recent and ongoing projects with transformational outcomes include:

  • The Assembly Hall at La Villita: sits at the heart of San Antonio’s past, present and future. Designed by the legendary O’Neil Ford, La Villita Assembly Hall is renowned for its architectural ingenuity, featuring an inverted dome roof and “bicycle-wheel” design—Texas’s first of its kind. In mid-2025, Escalera Capital will begin thoughtful renovations on the 44,993-square-foot, bilevel venue to create a new experiential destination on the San Antonio River Walk that will also serve as a welcoming draw into La Villita Historic Village and Hemisfair Civic Park.
  • Estancia del Norte at the San Antonio Airport was once a prominent San Antonio hotel, the La Mansion Del Norte, that lost much of its former charm through brand changes and a build-up of deferred maintenance. Estancia del Norte is now

celebrated as one of San Antonio’s top hotels, serving as both a tourist destination and a beloved local event venue in the heart of the airport market.

  • The Springs Resort and Spa: is a geological marvel known for its hot springs on the San Juan River in Pagosa Springs, Colorado. The resort is now recognized annually as the top geothermal wellness resort in the United States.

Salt Lick at The Sycamore: the first phase of a 121-acre project at Highway 290 and Luckenbach in the Texas Wine Country will break ground in early 2025. This experiential retail development will establish a new destination in the Texas Hill Country, where visitors experience Texas through great food, beverage, music and authentically Texas retailers.

“We are excited to move into this next horizon of growth as Escalera Capital,” said Leddy. “I am incredibly thankful for the hard work that our team has put in to reach this milestone. I am confident that we have many more impactful projects ahead of us that will benefit our San Antonio and Central Texas communities for generations to come.”

Marcus & Millichap closes sale of auto-repair property in San Antonio

Marcus & Millichap brokered the sale of a net-leased Crash Champions property in San Antonio, Texas. 

Scott Skuteris, Dominic Sulo and Andrew Antoniou, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a Nevada-based investor. Tim Speck is the firm’s broker of record in Texas. 

The property is situated on 1.02 acres at 11814 Perrin Beitel, receiving visibility from more than 19,864 vehicles per day. Crash Champions has just over 13 years remaining on their corporately guaranteed absolute triple-net lease. 

Hoar Construction celebrates groundbreaking of Austin elementary school

Hoar Construction earlier this month celebrated the groundbreaking of a new building for Oak Springs Elementary School in Austin, Texas.

The project is part of an ongoing bond program for Austin Independent School District (AISD), which was approved in 2022 and includes over $2 billion worth of capital projects for local schools. It is estimated to be completed in Spring 2027.

The new 83,000-square-foot, two-story building will replace the original school building, which was built in 1958. The upgraded school will include a new gym with a basketball court, full cafeteria, a theater, music studio and exterior rain garden. Designed to foster collaboration, the classrooms, referred to as studios, will have walls that open toward the hallways, enabling them to merge with adjacent spaces and encourage interactive learning among students and teachers.

The design of the building will also include high-grade concrete floors and a cool, pastel color pattern that fits with the school’s mascot, the Dolphins. There will also be a new playground on campus, which will be shared with the Austin Parks and Recreation Department, and a community center attached to the facility for public events. For student safety, this space will have a separate entrance from the rest of the school.          

The existing building will continue to be used by the school until completion of the new facility and will then be demolished and converted into a parking lot. Huckabee, a Fort Worth-based education design firm and the founding brand of MOREgroup, is serving as the architect on the project.                  

Hoar is also working on a renovation project at O’Henry Middle School, part of the 2022 bond program. The company is also actively involved across the state of Texas on several higher education initiatives, including a $47.5 million, 44,000-square-foot Centralized Operational Reliability and Efficiency (CORE) facility on the campus of Texas A&M University-Central Texas in Killeen, Texas; an expansion of the University of Texas at Tyler School of Nursing in Tyler, Texas; and a five-story press box for Bowers Stadium at Sam Houston State University in Huntsville, Texas.

DLV TC Village acquires mixed-use center in Dallas’ Turtle Creek neighborhood

DLV TC Village, LP, an entity of De La Vega Capital, acquired Turtle Creek Village, a mixed-use center located in Dallas’ Turtle Creek neighborhood.

The transaction closed May 13.

Turtle Creek Village, located on Oak Lawn Avenue, features an 18-story, 229,868-square-foot office tower and a 95,000-square-foot retail center anchored by Tom Thumb, along with a curated mix of retail and dining destinations.

Recognizing the community-centered location, DLV TC Village, LP purchased Turtle Creek Village from CIM Group for the tremendous opportunity to better serve the surrounding neighborhood. The firm plans to enhance the pedestrian experience by activating the ground level with a refreshed merchandising plan and streetscaping to create a more dynamic and walker-friendly destination.

OpenPath Industrial Partners acquires 528,750-square-foot distribution center in Marshall

OpenPath Industrial Partners acquired 2938 Brown Road, a 528,750-square-foot industrial distribution centerin Marshall, Texas, two hours east of Dallas.

The property was acquired at a significant discount to replacement cost, allowing OpenPath the potential for significant value-add.

Located just one mile from Interstate 20, the 39-acre Brown Road property offers immediate access to one of the most vital freight corridors in the southern United States. The East Texas I- 20 corridor is a high-demand logistics and industrial hub, benefiting from growing e-commerce, light manufacturing, and regional distribution activity.

The Brown Road facility features 72 loading docks, up to 35-foot clear heights, backup power generators, and ample secured trailer and car parking. Its 38.5-acre site allows for flexible demising or expansion strategies.

The acquisition was completed in partnership with Binswanger’s Holmes Davis, whose local expertise and market insight were instrumental throughout the transaction.

Recalibration, resilience and regional power: Texas’ industrial markets are evolving in 2025

While cities like Dallas and Austin are settling into a steadier rhythm,
Houston’s industrial real estate sector leads the way with a recalibrated yet
confident market outlook that reflects the region’s diversified economy,
port-driven logistics power and investor interest in strategic flexibility.
Houston moves toward ‘more sustainable pace’
After years of explosive growth driven by e-commerce surges and pandemicera supply chain reshuffling, Houston’s industrial market is entering a new
chapter.
“We’re not in a downturn; we’re in a recalibration,” said Mary Doetterl,
research manager at Lee & Associates. “Houston’s industrial market is
adjusting to a more sustainable pace, but demand fundamentals remain rock solid, especially in port-adjacent and infill locations.”

Doetterl noted that while vacancy has increased slightly, it reflects market normalization rather than distress, especially given the 130 million square feet of inventory added over the past five years. Leasing velocity has slowed from its peak, but absorption remains positive and rent growth continues in strong submarkets like the Northwest and Southeast. 

“I believe the current industrial market is healthy and balanced from a supply and demand standpoint,” echoed Travis Land, partner at Partners. “Unless there is a major reduction in interest rates or a significant negative long-term policy enacted on trade, I think this balance will remain throughout 2025 and 2026.” 

A diverse tenant mix continues to drive absorption across the Houston metro. Key sectors include energy services, construction materials, food logistics and especially third-party logistics operations. For manufacturers, oil and gas remains the dominant force. 

“Oil & Gas is driving most of the demand as always for the manufacturing buildings,” Land said. “This product type has seen tremendous rent growth in the last year.” 

At the same time, tenants seeking distribution space are showing a clear preference for mid-sized footprints. 

“The activity in the last six months has been the slowest on distribution spaces above 500,000 SF,” Land said. “The most active is on spaces 150,000 SF and under.” 

Developers are responding to this demand shift by investing in speculative projects that prioritize flexibility, infill access and quality. With timelines for build-to-suit facilities extending beyond tenant preferences, spec development has become the faster, more attractive option for many. 

“Tenants today are moving fast and making smarter decisions,” said Doetterl. “They want flexibility, efficiency and speed-to-market, and that’s exactly what modern spec buildings in Houston are offering.” 

Land added that spec buildings are increasingly accommodating a wide range of needs. 

“The time frame to complete a build-to-suit has increased, so if a company does not need an overly specialized facility, making retrofits to existing spec facilities is often more economical,” Land said. “The variety of speculative building size options has also expanded so the demand from historical build-to-suit candidates is more easily met with broader size availability.” 

Despite higher vacancy in some segments, Houston’s speculative market remains stable and selectively strong. Infill projects, especially those under 300,000 square feet or located near Beltway 8, are attracting tenants quickly. Meanwhile, big-box facilities in more remote areas are taking longer to lease and offering concessions to stay competitive. 

Port Houston remains one of the region’s most consistent and strategic demand drivers, influencing everything from site selection to lease structure. 

“Our port is a tremendous asset and differentiator for the Houston industrial market now and in the future,” Land said. “The port continuing to implement projects that increase capacity is great for Houston.” 

“Port Houston is one of the strongest industrial demand drivers in the country right now. As the channel expansion progresses, we expect even more activity in the Southeast submarket and beyond,” added Justin Tunnell, principal at Lee & Associates. 

The port’s growth is especially significant as global trade patterns evolve. As shippers diversify away from West Coast congestion and nearshoring to Mexico accelerates, Houston’s proximity to those supply routes and its deepwater port access offer a long-term competitive edge. 

As expansion at the Houston Ship Channel moves forward and highway and rail upgrades take shape, industrial stakeholders expect even greater efficiencies and leasing momentum in 2025 and beyond. 

‘A solid year’ in Dallas 

Dallas-Fort Worth’s industrial market remains one of the most powerful logistics hubs in the country. Even as vacancy rates remain elevated compared to historical norms, experts say this is not a red flag, but a result of timing. 

“While absorption pulled back from its recent highs, 2024 was a solid year, with 2025 getting a fast start as this key demand indicator remains well above its pre-boom 14.4 msf average,” according to Avison Young’s Q1 2025 report. 

The region’s strategic location, affordability and access to multimodal infrastructure continue to attract distribution tenants and investors alike. 

“DFW continues as a premier U.S. logistics hub due to its affordability, central U.S. location and access to roads, rail and air that easily serves a large part of the U.S., as well as its proximity to Mexico for international trade,” Avison Young reported. 

With 22.7 million square feet under construction and pre-leasing in motion for many of those properties, the market is expected to regain balance gradually through 2025 and into 2026. 

Austin boasts ‘healthy occupier demand’ 

Austin’s industrial market remains on firm footing, supported by steady population growth, active housing construction and a vibrant retail base. But unlike prior years, developers are taking a more measured approach to new deliveries. 

“Construction activity has slowed as the market works through existing supply, reducing the risk of oversaturation. Absorption remains positive and continues to outperform pre-pandemic averages, signaling healthy occupier demand,” according to Avison Young’s Q1 2025 market snapshot. 

Leasing volume held steady at 1.5 million square feet in the first quarter, with net absorption of 1.9 million square feet. Most tenant demand is concentrated in the mid-size range, between 20,000 and 49,000 square feet. 

“Leasing activity remained strong throughout Q1, signaling continued tenant engagement,” Avison Young reported. 

With vacancy holding steady, developers are closely monitoring pipeline risk. With 5.2 million square feet under construction, much of it concentrated in Georgetown and the East submarket, developers are watching tenant demand closely before greenlighting further expansion. 

From Houston’s spec-driven shift to Dallas’ lease-up lag and Austin’s balanced recovery, Texas’ industrial sector is proving once again that regional context matters. As 2025 unfolds, flexibility, location and logistics efficiency remain the currency of success. 

Emily Livorsi promoted to Chief People Officer at Catamount Constructors Inc.

Catamount Constructors, Inc., a 100% employee-owned ENR Top 400 Contractor, is proud to announce the promotion of Emily Livorsi to Chief People Officer. Since joining as Vice President of People in 2022, Emily has been instrumental in elevating the company’s leadership development programs, culture, and strategic initiatives. Her promotion reflects Catamount’s continued investment in empowering employee-owners and underscores the strategic importance of people leadership in shaping the future.