About

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First Keystone Pecos Industrial Park, L.P. & First Keystone Property Group of Texas, L.P.

Business Purpose

First Keystone Property Group of Texas, L.P. (“FKPG”) is the Developer.  It was founded a quarter-century ago to manage direct investments in which Jeffrey P. Price, as a Principal, took an active management position.  Therefore, FKPG is designed to be a management specialist in overseeing, administrating, and maintaining stability of various private investments – mostly in commercial real estate – in which Mr. Price (and associates) are actively involved.  Typical FKPG functions include oversight, construction management, financial projections and risk assessments, bookkeeping & outside accounting, investor relations, financings, troubleshooting, expansions, divestments, and partner distributions.

History

Since the early 90’s, First Keystone has been actively investing in Texas commercial real estate with an emphasis on retail centers.  First Keystone was formally founded in 2003 by Jeffrey Price.  Originally, in the 90’s, he got started by investing in turnaround situations and experienced substantial success. Later, working with trusted operating partners in Midland and Houston (Texas), he progressed onward to invest as a co-lead Principal in both development projects and in acquiring pre-existing properties.  Most “deals” were in non-anchored retail centers; however, office buildings also constituted a significant portion of the portfolio. 

As of today, as a non-managing partner, FKPG has amassed a portfolio of several office buildings, numerous neighborhood specialty retail centers, and flex buildings.  First Keystone’s concentration is in Houston which exhibits substantial growth rates, sound economic conditions, attractively low valuations, minimal speculative overbuilding, speedy execution, and a development-friendly climate.  (Of course, office buildings are a challenging category of CRE.)  However, in selected alternative venues, First Keystone has participated in additional real estate opportunities. 

As of 2017, First Keystone’s focus significantly shifted to pursuit of development projects in West Texas.  The sector of primary interest is light industrial facilities focused on oil & gas service companies.  The Pecos industrial park was launched in 2018 with the first buildings available for occupancy occurring in 2019 along with requisite infrastructure (e.g., roads, electric, and public water).