Hines to Bring 1.5 MSF Logistics Park to Houston
- Jul 30, 2018
Hines has acquired 107 acres in the heart of the northwest submarket of Houston from Maxaam Inc., which it will turn into Grand National Business Park, a two-phase logistics park that will total 1.5 million square feet when complete.
“The development is located in the heart of Houston’s Northwest submarket and offers scale and Beltway frontage, which are very difficult to find in today’s land constrained northwest submarket,” Palmer Letzerich, Hines’ senior managing director, told Commercial Property Executive. “The product and location of this project will undoubtedly be top of market regarding building specs, location and quality and long-term value.”
The first phase of the project will consist of 500,000 square feet of logistics space, and phase two will offer an amenity retail center on the Beltway 8 frontage, along with a business-class hotel. Hines is currently offering land for sale for retail and non-logistics uses within the park.
“As a continuation to the success of Pinto Business Park, we have seen numerous tenants with individual requirements in excess of 500,000 square feet who are looking for access to labor and the urban distribution density that characterizes the Houston Northwest market,” Letzerich said.
When complete, Grand National Business Park will be able to meet requirements of 20,000 square feet to 1 million square feet.
Building Up A Strong Portfolio
Currently, Hines has nearly $111 billion in assets under management and 108 developments underway around the world.
According to Letzerich, Hines seeks to develop the highest-quality product, whether in office, multifamily, residential or industrial/logistics.
Earlier this month, a joint venture between Hines and Ivanhoé Cambridge announced it was developing a 47-story, 1 million-square-foot office tower in Houston, scheduled to open in late 2021. Also this month, Hines partnered with funds managed by Oaktree Capital Management on the acquisition of Beckman Coulter Campus, an approximately 576,200-square-foot property in Brea, Calif.
The development will be situated at the southeast corner of the Sam Houston Tollway and Gessner Road.
“The location offers bulk distribution tenants as well as smaller shallow bay users lower distribution costs to the end customer and access to new labor, as well as restaurants and amenities for existing employees,” Letzerich said.
Cushman & Wakefield’s Jim Foreman and Allison Bergman will handle leasing for the property.
Image courtesy of Hines