Xebec

What Xebec does

Xebec is a privately-held real estate investment and development firm founded in 1996 by Randy Kendrick and headquartered in Dallas, Texas, with regional offices in Orange County (Seal Beach), Jersey City, and Atlanta. The firm focuses exclusively on Class A industrial real estate across three product types: bulk logistics distribution facilities, infill/last-mile fulfillment properties, and light industrial facilities for manufacturing and assembly. Its core customers are institutional investors (pension funds, REITs) and private wealth investors (family offices, high-net-worth individuals) seeking industrial real estate exposure via two vehicles: project-level direct investments targeting 14–25% IRR across opportunistic and value-added risk profiles, and the open-ended Xebec Logistics Trust fund targeting core-plus returns from stabilized properties.

The platform operates as a vertically integrated real estate investment manager, providing acquisition, ground-up development, ownership, financing, leasing, property management, and investment management services through wholly-owned subsidiaries including Xebec Asset Management, LLC (an SEC-registered investment adviser), Xebec Logistics Trust, LP, Xebec Logistics Trust GP, LLC, and Sandow Lakes Ranch Venture, LLC. Since inception, Xebec has acquired and developed or repositioned over 11.5 million square feet of industrial real estate, with approximately 14.6 million square feet currently in various stages of development across 19+ U.S. tier-one logistics markets.

Beyond its core industrial real estate business, Xebec has expanded into adjacent verticals: the Sandow Lakes mega-site acquisition (33,000 acres in Texas, 2021) supports 'The Switch' Advanced Manufacturing & Logistix Campus; Sandow Lakes Energy Company (2024) is developing a 1,200 MW Combined Cycle Gas Turbine plant; Sylmar Studios (acquired 2020) operates Class A soundstage facilities; and the Rockdale, Texas data center campus (2026) targets hyperscale and HPC tenants. The Xebec Logistics Trust has scaled from an $86 million initial portfolio to over $1 billion in industrial logistics AUM within five years of its 2017 launch.

Name

Xebec

Legal name

Xebec Holdings, LLC

Website

https://xebecrealty.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

11–50 employees

Short description

Xebec is a privately-held real estate investment and development firm specializing in Class A industrial properties—bulk logistics, infill/last-mile, and light industrial—for institutional and private wealth investors across U.S. tier-one markets, via Xebec Logistics Trust fund and project-level investments.

Ownership category

akta.pro rank

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Real Estate Development: Ground-up development of Class A industrial properties targeting opportunistic returns with IRR of 18-25% and CFM of 1.5x-2x over 24-36 months
2. Asset Management: Management of stabilized core and core-plus industrial assets generating stable cash flows and growth through asset appreciation
3. Value-Added Investments: Acquisition of underperforming industrial assets with value creation through redevelopment, repositioning and restructured leasing targeting IRR of 14-18% and CFM of 1.3x-1.5x over 24-36 months

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Xebec is a privately-held real estate firm focused exclusively on providing industrial real estate investment opportunities to institutional and private wealth investors through the acquisition, development, and management of Class A bulk logistics, infill/last-mile, and light industrial properties in top-tier U.S. markets. Its core offerings include the open-ended Xebec Logistics Trust fund, direct project-level investments across opportunistic, value-added, and core-plus return profiles, and a vertically integrated platform spanning acquisition, development, financing, leasing, property management, and investment management.

Product overview

Xebec is a privately-held real estate investment and development firm offering multiple investment vehicles and property types. The core offering consists of Xebec Logistics Trust (XLT), an open-ended private real estate fund focused on industrial logistics properties for core-plus returns, combined with Project Level Investments providing opportunistic and value-added investment opportunities in development projects. Xebec Development delivers Class-A industrial properties across three product types: Bulk Logistics (large-scale distribution facilities), Infill/Last-Mile properties (urban fulfillment centers), and Light Industrial facilities (manufacturing/assembly spaces). Together, these investment vehicles and property types form a vertically integrated platform providing acquisition, development, ownership, financing, leasing, property management, and real estate investment management services.

Differentiator

Problem solved

Functional benefit

Products and services

• Xebec Logistics Trust (XLT) An open-ended private real estate investment fund singularly focused on industrial logistics real estate, providing risk-adjusted core-plus returns from stabilized cash-flowing properties with opportunity for growth through asset appreciation. Manages over $1 billion of industrial logistics properties as of October 2022, jointly owned with an institutional investor across 18 properties totaling approximately 3 million square feet, with an 18 million square foot development pipeline. Available to qualified institutional and private wealth investors.
• Project Level Investments Direct investment opportunities in project-level ownership entities offering opportunistic (ground-up development, target IRR 18-25%, cash flow multiple 1.5x-2x over 24-36 months) and value-added (redevelopment/repositioning, target IRR 14-18%, cash flow multiple 1.3x-1.5x over 24-36 months) risk-adjusted returns. Private placements not registered under the Securities Act, targeting qualified investors.
• Xebec Development Vertically integrated development of state-of-the-art Class A industrial properties across three property types—bulk logistics, infill/last-mile, and light industrial—for institutional and private wealth investors as well as corporate tenants. Spans acquisition, development, financing, leasing, property management, and investment management across U.S. coastal and inland tier-one logistics markets.
• Bulk Logistics Properties Large-scale modern logistics facilities with convenient access to transportation corridors and intermodal freight transportation hubs, providing major demographic reach for the modern business-to-consumer distribution model. Developed primarily in U.S. coastal and inland logistics markets with major port, rail, and trucking intermodal infrastructure.
• Infill/Last-Mile Properties Smaller fulfillment centers and warehouses located in dense urban areas to facilitate prompt-delivery or short-term warehousing for same- and next-day delivery to consumers and other users.
• Light Industrial Properties Facilities designed for single-location processing, fabricating, assembly, or disassembly of items, primarily in right-to-work states, for manufacturers and other users seeking top-tier logistics market locations.

Quantifiable outcome

• $1 billion AUM milestone achieved by Xebec Logistics Trust in 5 years, growing from $86 million initial portfolio
• +1 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and minor.

• Volvo GroupcoreOthers · 10 February 2026Volvo Group announced plans for a new regional distribution center at Xebec's Fife, Washington development. The 6.52-acre site was purchased in late January 2023 for $5 million. Facility anticipated to open early 2027 and employ approximately 20 people.
• Driftwood Property CompanyminorOthers · 23 January 2026Driftwood Property Company acquired Xebec's Solley XM property in Glen Burnie, Maryland. Xebec acquired the two-parcel site on July 18, 2025, and completed the sale on January 23, 2026.
• Whitman PetersoncoreStrategic or Co-development Partner · 4 October 2023Real estate private equity company partnering with Xebec on the Fife, Washington industrial development project. Whitman Peterson makes opportunistic real estate investments on behalf of institutional investors and has completed more than 250 investments with $25+ billion in total capitalization.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Terreno Realty: Industrial REIT focused on infill logistics properties in six major U.S. coastal markets — closely aligned with Xebec's tier-one coastal market focus and infill/last-mile product emphasis.
• Rexford Industrial Realty: Southern California-focused industrial REIT with overlapping infill/last-mile product type and concentrated exposure to the LA/Inland Empire tier-one market where Xebec has its deepest roots and strongest brand.
• EastGroup Properties: Sunbelt-focused industrial REIT developing infill/distribution properties in tier-one markets across the U.S. — closely comparable investment thesis, product type, and institutional investor orientation.
• Prologis: The world's largest industrial REIT focused on logistics real estate; directly competes for institutional investor capital, institutional tenants, and development sites in the major U.S. logistics markets where Xebec operates.
• First Industrial Realty Trust: Diversified industrial REIT developing bulk logistics, light industrial, and last-mile facilities across major U.S. markets — directly comparable product mix, customer base, and value-add development strategy.
• Panattoni: Largest privately-held industrial developer in the U.S., building bulk logistics, light industrial, and last-mile facilities across major markets — directly comparable private industrial development platform with multi-cycle history.
• IDI Logistics: Privately-held national industrial developer and investor building bulk logistics, infill, and light industrial product across major U.S. markets — directly comparable privately-held platform with similar institutional capital structure.
• Bridge Industrial: Private industrial developer focused on Class A logistics in core U.S. markets, similarly serving institutional investor capital and competing for infill/last-mile and bulk logistics development opportunities.
• Hillwood: Privately-held industrial and commercial real estate developer (Perot company) with a national footprint developing Class A logistics facilities — comparable privately-held platform with similar institutional investor capital base.

Broad incumbents

• PS Business Parks (now part of Blackstone): Former publicly-traded industrial-focused REIT acquired by Blackstone in 2022 for $7.6B; historically a peer to Xebec with similar institutional investor focus and infill industrial portfolio, now operating as part of a much larger private platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/xebecrealty

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Xebec