Carson Companies expands with East Coast office
RADNOR, PA — The Carson Companies, one of the leading industrial real estate investment and development firms based in Newport Beach, has established an East Coast office and retained Chris Hermance as managing director to lead its regional expansion. Located in the Philadelphia suburb of Radnor, the new operation will pursue industrial investment opportunities – including land for development and existing buildings – in the New Jersey and Pennsylvania markets. With a portfolio exceeding 14 million s/f of class A industrial space in Southern California and Houston, Texas, The Carson Companies provides buildings suited for modern logistics, distribution and supply chain management needs, offering in-house property management, asset management, leasing, construction management and development capabilities. The privately held REIT has been in business for more than 100 years and takes a long-term approach to its investment and development activities. The company invests on its own behalf and provides investment, portfolio and asset management services for its institutional partners.
According to The Carson Companies’ president, Jim Flynn, the expansion is a natural move for his firm, which maintains additional offices in Rancho Dominguez, CA, and Houston, TX. “Our portfolio has been developed in two of the country’s largest and most densely populated seaport markets,” he said. “The New Jersey/Pennsylvania region is an established industrial hub serving the New York metropolitan area, as well as the entire East Coast. This expansion will foster our own growth while enabling us to better serve our existing tenants on the west and gulf coasts – many of which have a local presence as well. We see great opportunity in planting our flag here, especially with Chris leading the charge.” Hermance, who previously served as vice president of investments for KTR Capital Partners (prior to its acquisition by Prologis), has nearly a decade of experience sourcing investment and development opportunities in Dallas, Houston and PA. The Wayne, PA., resident, has led $385 million in industrial real estate sale transactions. “The Carson Companies is a great fit for me,” Hermance said. “This is a well-established organization with a very long-term view, a strong balance sheet and a flexible investment platform. This will enable me to pursue opportunities that are right for this market. We are looking at development, redevelopment and class A offerings to purchase outright or as a joint venture partner. Ultimately, Carson is looking to build on its success to become a leader in three coastal markets. I look forward to being part of that.”Hermance is a member of NAIOP’s Developing Leaders National Forum. He earned a bachelor’s degree in finance and an MBA from Georgetown University’s McDonough School of Business.