Dallas-based Stream Realty Partners has expanded its industrial development team with the addition of Michael Gregg. Gregg will serve as director of construction and entitlements, and will be based in the Irvine office. Stream Realty currently has an extensive construction pipeline of more than 9.5 million square feet. Gregg will help oversee these projects and will lead ground-up construction and entitlement on all developments.
"Although our industrial development initiative in Greater Los Angeles is only two years old, we recently reached a critical mass of new developments in Greater Los Angeles with two projects under construction totaling 335,000 square feet and over a million square feet in our near term pipeline," Cannon Green, managing partner of Stream's industrial development services division, tells GlobeSt.com about the impetus to expand the team. "The industrial fundamentals in Greater Los Angeles are sound, the product type is evolving, and there is demand to be met. We plan to ramp up our resources and investment in the region for the long-term."
Gregg has more than 13 years of experience managing large scale, complex entitlements across asset classes. That experience made him a good fit for the role, but he also fit in culturally at the firm. "Michael has an outstanding resume and experience in complex entitlements in Greater Los Angeles, which is the greatest key to success in this market," says Green. "On top of that, Michael personifies Stream's core values of nice, smart, honest and passionate."
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For Gregg, the role was a great fit to leverage his existing skills. "Entitlements in California are not getting any easier. They require local knowledge and local teams to effectively execute," he tells GlobeSt.com. "I have successfully navigated projects in numerous Southern California municipalities and look forward to continuing to grow Streams pipeline in the Greater Los Angeles market."
In terms of timing, Stream already had a strong development pipeline, but the pandemic has certainly made it an exciting time to expand. "The industrial real estate market has shifted favorably," says Green. "We see this trend continuing as the product type continues to evolve to accommodate increasing ecommerce demand, shifts in the global supply chain, and desire by industrial users for more modern facilities. We are in growth mode due to the secular drivers and strong fundamentals of the product type."
This year, the firm plans to continue to source new development opportunities. "Our goals are to continue to find and execute sound real estate deals that meet the unique needs of each micro market in which we participate," says Green. "We are not governed by goals of size, quantity, or value. We are an entrepreneurial company just looking to create excellent investment opportunities for ourselves and our client base."
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Kelsi Maree Borland
