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.”

NAI Robert Lynn negotiates 16,000-square-foot lease for law firm in Richardson

Fielding Law, a personal injury law firm, expanded its headquarter and relocated from Mesquite to Richardson’s Tower at Lakeside in Richardson, Texas.

Fielding Law will occupy nearly 16,000 square feet of the top floor. NAI Robert Lynn’s Kent Smith, principal and executive vice president of the office division, and Stephen Cooper, principal and executive vice president, represented Fielding.  

Located at 2221 Lakeside Boulevard, Tower at Lakeside stands as Richardson’s tallest office building and represents a trophy asset in one of North Texas’s most desirable submarkets. The Class A office building features extensive amenities including a full-service café, tenant lounge, state-of-the-art fitness center, and country club-style locker rooms and showers, making it one of the most amenitized office buildings in Richardson.

Tower at Lakeside is situated in Richardson’s business corridor, offering immediate access to major highways as well as the extensive CityLine mixed-use development featuring restaurants, retail, and hotels.

Fielding Law will move into their finished space in February of 2026. 

Westcore acquires 12-building industrial portfolio in Dallas market

Westcore acquired a 1,082,057-square-foot, 12-building portfolio of Class B, infill industrial properties in the Dallas submarkets of Great Southwest and Garland for an undisclosed price.

The portfolio is 97% occupied. Westcore will lease the two remaining vacancies and leverage its proven, proactive approach to tenant retention.

Clear heights in the GSW/Garland portfolio warehouses range from 18 to 24 feet. The portfolio includes five properties in Grand Prairie, three in Arlington and four in Dallas.

The GSW/Garland portfolio brings Westcore’s Dallas-area industrial property holdings to 3.9 million square feet. Previous acquisitions include Railhead Business Station, Rockwall Distribution Center and North Quarter 35.

Josh McArtor, Caitlin Clinton and Katie Bostic from Eastdil Secured represented the undisclosed seller, while Westcore represented itself.

Unlocking Hidden Value: Transforming Industrial Properties into High-Performing Assets

Industrial real estate is often called the backbone of the economy, but not every building is performing at its full potential. At Clear Height Properties, we focus on finding those “diamonds in the rough” and transforming them into strong, reliable assets.

The opportunity lies in seeing potential where others see problems, breathing new life into overlooked or underutilized properties with the right improvements, smart execution, and a vision for what they can become.

Our approach is simple: stick to real estate fundamentals, make targeted upgrades, and reposition buildings to meet tenant demand. The result is more than strong returns. It is spaces that work better for tenants and add value to communities.

The “Diamond in the Rough” Approach

We look for buildings with good bones: clear height that works for modern users, efficient layouts, solid slabs, and flexible configurations. With these basics in place, we can avoid heavy structural costs and focus our investment on improvements that directly increase value.

Often, the buildings we buy have years of deferred maintenance. Parking lots are worn, landscaping is tired, or systems are past their useful life. Rather than seeing this as a drawback, we see it as an opportunity. By tackling these issues head on, we immediately reposition the property in the market.

Sometimes that means resolving compliance gaps, upgrading fire alarms, making ADA improvements, or rethinking inefficient office space. In many cases, reducing or reconfiguring office areas creates more warehouse space and better suits today’s tenants. Where others see headaches, we see potential.

Modern Systems and Tenant Friendly Features

Bringing properties up to current standards is a big part of what we do. One of the simplest but most impactful changes is upgrading to LED lighting. It reduces energy use, meets new code requirements, and creates brighter, safer work environments. We also integrate sustainable finishes like low flow plumbing, low VOC paints, and ceiling tiles, choices that lower operating costs while aligning with ESG goals.

Tenant expectations are also evolving. Features like EV charging stations, once considered extras, are quickly becoming the norm. We install them in strategic locations that support tenants without disrupting traffic flow or parking.

The balance between office and warehouse space is another area where we create value. Many tenants today need less office and more flexible layouts, so we design spaces that can easily adapt. We have also leaned into adaptive reuse, turning a brewery into pickleball courts and a former distribution center into a baseball training facility. Creative solutions like these meet real market demand, often faster and more cost effectively than new construction.

Execution: Vision into Value

The key to success is execution. Our capital programs are not just about fixing problems; they are about preparing properties for the long term. Roofs, paving, HVAC, and tuckpointing are all handled with trusted vendors who deliver quality and speed, while also helping us secure savings and priority scheduling.

Timing matters too. Immediately upon closing, we start prepping vacant spaces, so they are ready to lease. This includes simple but impactful upgrades like fresh exterior paint or painting interior warehouse walls white, which can dramatically brighten a space and make a big impact on first impressions.

We also think ahead when it comes to functionality: adding drive-in doors, enlarging undersized doors, or upgrading loading docks with seals, levelers, and edge-of-dock equipment are all evaluated during due diligence. Even if these improvements are not immediately necessary, we plan ahead, recognizing that they may be required during our hold period or when a tenant vacates. This forward-thinking approach minimizes downtime and ensures we are ready to move quickly.

Sustainability and Compliance

Sustainability and compliance are not optional anymore, they are expected. At Clear Height, we prioritize upgrades that reduce energy consumption, improve indoor environmental quality, and extend the useful life of assets. Replacing outdated fluorescent or metal halide fixtures with LEDs, using low-VOC paints, and installing water-efficient fixtures are just a few of the ways we integrate sustainability into our repositioning strategy.

Compliance is equally important. We systematically address ADA requirements by modifying layouts, restrooms, ramps, and door hardware. These investments not only protect our tenants and their employees but also minimize landlord liability. By taking a proactive stance on compliance, we create safer, more inclusive, and more marketable properties.

From Challenges to Opportunities

The results speak for themselves. One of our acquisitions with significant deferred maintenance is now fully leased after LED upgrades, parking lot resurfacing, and interior

reconfigurations. Another vacant distribution building is now thriving as a community sports facility.

In each case, the common thread is Clear Height’s ability to look beyond current conditions and envision what the property could become. By executing quickly, leveraging strong vendor partnerships, and focusing on tenant needs, we consistently deliver outcomes that exceed expectations.

A Holistic Commitment to Value Creation

Individually, roof replacements, ADA upgrades, or LED retrofits may not seem transformative. However, when combined into a comprehensive strategy, these investments create a strategy that consistently unlocks value. They differentiate Clear Height Properties from owners who simply maintain the status quo.

Our philosophy is that every building has potential if you know where to look and how to unlock it. By focusing on fundamentals, addressing deferred maintenance, implementing modern systems, and reimagining space to meet evolving tenant needs, we transform underperforming assets into high-performing ones.

At Clear Height, we are not just investing in buildings, we are investing in the future of industrial real estate, one “diamond in the rough” at a time.

Lauren Posey is the architect of operational excellence at Clear Height. She joined the team in 2020 and quickly built the property operations department, creating a vital connection between property management and accounting that strengthens consistency, efficiency, and communication across the company.

Today, she leads property operations, management, and construction management services with a focus on alignment and continuous improvement. Lauren combines financial insight, operational expertise, and a people first mindset that helps Clear Height stay adaptable and accountable.

Stream Realty Partners brokers sale of 283,000-square-foot industrial building in Lockhart

Stream Realty Partners brokered the sale of 1205 Reed Drive, a premier 283,000-square-foot industrial building spanning 25 acres in Lockhart, Texas.

The property was purchased by Sensei Farms, the sustainable farming company backed by Sensei Ag Holdings, Inc., from Austin-based Evergen Equity.

The unique property includes a 5.38-acre greenhouse, a 48,900-square-foot high-tech warehouse that serves as the nucleus of the site, and nine acres of excess land available for future development. Stream Managing Director Ralph Coppola, Senior Associate Will Hall, and Associate Bridger Gunderson represented the seller, Evergen Equity, in the transaction.

Sensei Farms, backed by Oracle Co-Founder Larry Ellison, has executed another high-profile CRE investment in the Greater Austin market, joining the ranks of Elon Musk, Michael Dell, and Tito Beveridge. Founded in 2018 by Ellison and Dr. David Agus, the company is a leader in sustainable agriculture with operations in Hawaii, California, and Canada. The Lockhart acquisition marks a significant step in Sensei’s Texas expansion and underscores Ellison’s long-term vision to transform food production through advanced agricultural practices.

MetroNational acquires Houston’s CityCentre

MetroNational, the privately-held real estate investment, development and management company behind west Houston’s iconic Memorial City acquired the open-air retail component at neighboring CityCentre in Houston.

Positioned at the southeast corner of I-10 and Beltway 8, the 47-acre, pedestrian-oriented CityCentre offers exceptional visibility and connectivity. Similarly to Memorial City it serves affluent surrounding neighborhoods as well as onsite office, multifamily and hospitality users.

The 309,144-square-foot acquisition adds to MetroNational’s August 2025 purchase of 990 Town & Country Blvd., a 442,042-square-foot, Class AA office tower anchoring the development’s northern gateway.

MetroNational represented itself in the transaction, with JLL serving as the broker representing TriGate Capital in the sale.

In addition, MetroNational has partnered with Radom Capital to reimagine and elevate the retail experience at CityCentre, leveraging Radom’s expertise in creating experiential mixed-use retail destinations. This collaboration mirrors the successful partnership at Greenside, where Radom Capital is also leading the retail strategy. Greenside is a family-friendly adaptive reuse project located just north of I-10 at 1085 Gessner Road, with nearly an acre of green space surrounded by retail, dining, wellness and beauty experiences.

Debuting in 2009, CityCentre has earned national recognition for its design and carefully curated tenant mix. Framing a central green space, the retail component features approximately two dozen food and beverage concepts, from fast casual to fine dining, including Bellagreen, Daily Gather, Eddie V’s Prime Seafood, Grimaldi’s Pizzeria, Hopdoddy Burger Bar, North Italia, Sal y Pimienta, Seasons 52, The Capital Grille and Yard House. Popular retailers include Allen Edmonds, Anthropologie, Kendra Scott, Sephora, Sur la Table, Tecovas, Warby Parker and West Elm, complemented by services and entertainment such as Anthony Vince Nail Spa, Bowl & Barrel, Smashed Clay Co., Star Cinema Grill, and The Escape Room. Recent additions include American Threads, Rowan, Southern Tide and Great Big Game Show.

MetroNational ranks among Houston’s largest commercial property owners with Memorial City alone encompassing more than 10 million square feet of developed real estate.

Case Engineering provides structural engineering work on first 3D concrete-printed Starbucks

Case Engineering provided structural engineering, MEP engineering and drafting on the world’s first 3D concrete printed Starbucks in Brownsville, Texas.

A key milestone in commercial 3D construction for America’s largest coffee company, the innovative project was a collaboration between Starbucks, Germany-based PERI 3D Construction and Denmark-based COBOD International, a global leader in 3D construction printing. St. Louis, MO-based NewGround was the architect on the project.

Opened on May 2, 2025 following a five-month construction schedule, the 1,400-square-foot, grab-n-go Starbucks at 2491 Boca Chica Blvd. features a drive-thru lane and walk-up window. Its 3D printed concrete walls were built using a computer-controlled robotic arm that poured tube-like concrete layers, one on top of another, to form the building’s rectangular footprint.

Case Engineering’s structural team, led by Principal/Senior Structural Engineer Stephen Sacco, P.E., collaborated with NewGround’s architects and the 3D concrete printing company at every step of the way from concept planning through construction to ensure the overall success of the project.

Case’s structural design for the building included perimeter concrete columns cantilevered from the foundations at regular spacings to resist high wind loads at the site, which is located near the Gulf Coast at the U.S.-Mexico border. Concrete columns were also designed to support the exterior 3D printed concrete skin to protect it against horizontal wind loading, while wood trusses were specified for the roof.

Case Structural Engineer Nick McFarland, who helped engineer the Brownsville Starbucks, says utilizing 3D concrete printing to build prototypical, cookie-cutter quick serve restaurants will continue to grow in popularity, with some key structural considerations.

Case’s MEP engineers worked alongside the structural team and COBOD International to design locations for all electrical conduits and domestic water and sanitary piping within the building’s walls prior to the 3D concrete printing process.