A real estate management company has a new vice president, and he is “all in” when it comes to industrial development in Texas’ major markets.
Minnesota-based construction management firm Ryan Companies has hired Matt Hyman as its VP of Industrial Development, according to reporting by the Dallas Business Journal.
Hyman’s new role will be to grow the firm’s footprint into Texas’ major markets with the company’s signature — but speculative — build-to-suit developments. In commercial real estate terms, a build-to-suit development is a commercial building or space that is tailor-built specifically for a client.
As a national builder, developer, and real estate manager, Hyman believes Texas is an ideal location to bring the firm’s speculative build-to-suit projects.
“We are all-in on expanding the speculative industrial platform in Dallas-Fort Worth, Austin, San Antonio, and Houston,” Hyman told the DBJ.
Ryan Companies has completed multiple projects in the Dallas area already, according to Hyman.
“Build-to-suit became our bread and butter in Dallas,” Hyman told the DBJ.
“Some of the big projects were two 500,000 square-foot buildings for Shippers Warehouse in southern Dallas, one of those being their corporate headquarters; a 431,000-square-foot building for Yokohama tire during the pandemic; and an 875,000-square-foot building for Wayfair in Lancaster, Texas,” he said, per the DBJ.
Ryan Companies has also completed two Austin-based developments. These include the 560,000 square-foot Oracle Campus, completed in 2018, as well as the 5th & Brazos, a 771,044 square-foot multi-family and hospitality project completed in 2021.
The firm’s footprint in Texas is much larger, though, according to Hyman.
“We have completed about 10 million square feet of industrial projects in Texas that were more build-to-suit or build-to-own,” Hyman told the DBJ while crediting the firm’s nearly 200-person team located in Texas.
“Moving forward, our focus is working with some of our newer capital partners and programmatic ventures, where we can now build speculative projects in Texas. Historically, we have not done so,” Hyman said, per the DBJ.
Ryan Companies is already on to two of its speculative developments here in Texas, according to DBJ reporting. One is a speculative 191,000-square-foot project due for completion by the end of the first quarter. The other is still in its early design phase, but DBJ reports that the speculative project could be as large as 1.2 million square feet when it is completed.