Halberdier’s Oil Patch Bet
- Jun 26, 2015
Following last year’s acquisition of a 47-acre mixed-use project near the multibillion dollar Exxon Mobil corporate campus in The Woodlands, Texas, Halberdier Real Estate has closed on 15 additional acres near the site
“We are creating and executing first class assets to service the needs and wants of our North Houston, Spring and The Woodlands residents,” Trey Halberdier, president of Halberdier Real Estate’s, said in a company statement. “The burgeoning growth of the area is catching notice of larger private equity firms and reputable national corporate users for all our mixed-use projects.”
The space will be used for Halberdier’s newest development, the Grand Hardy Riley Crossings, a 150,000-square-foot medical office building with pad sites for restaurants, convenience retail, banks and other corporate occupier uses.
“We diligently seek out the needs of our North Houston community by seeking creative real estate projects for our local patrons to shop, office, dine, gas up and receive medical care,” Halberdier said. “Thus, Halberdier’s optimal impact is delivering best in class mixed use commercial real estate projects on irreplaceable corners—projects that are timeless and iconic. It’s more than just another development, it’s an art that answers people’s wants and needs.”
Located at the south western corner of Hardy Toll Road and Riley Fuzzel, the development is less than a mile from Exxon’s new campus and close to the new Grand Parkway.
With the acquisition, Halberdier Real Estate now controls 75 acres within two miles of Exxon, with a planned build-out of 600,000 square feet of mixed-use development.
In August, the company will break down on Energy Crossing North, a 288,000-square-foot Class A office project across the I-45 at the entrance to Exxon.
According to Colliers’ Q1 2015 Office Market Report, the thriving suburban domain in North Houston has proven to be a hot breeding ground for top developers rushing to develop Class A properties serving The Woodlands and SpringWoods Village.
The report shows that the Houston metropolitan area created 96,700 jobs between February 2014 and February 2015, an annual increase of 3.4 percent over the prior year’s job growth.
In spite of that positive news, the report found the office market responded negatively to the dramatic drop in oil prices, with available sublease space increasing 33 percent over quarters from 4.5 million square feet to 6 million square feet.
According to Halberdier, despite the uncertainty of oil prices in Houston, the company remains extremely bullish on procuring more sites and preserving solid fundamentals and discipline in its execution.