Transwestern Development Grabs Land for 1.2 MSF Industrial Project in Katy, Texas
- May 28, 2014
As industrial space demand has increased in Houston, Transwestern Development Co. has gotten on the bandwagon and bought a 74-acre site in West Ten Business Park on Interstate 10 at Cane Island Parkway in Katy, within Houston–The Woodlands–Sugar Land metropolitan area.
The company will break ground in mid-July on phase one of West Ten Distribution Center, which makes up two speculative industrial properties equaling 415, 296 square feet. The two buildings are expected to be done by the second quarter of 2015, leaving 42 acres for further development.
The remaining parcel can fit about 800,000 square feet of build-to-suit developments, after the first phase, according to the news release.
Transwestern Development Co. bought the land from Houston-based Parkside Capital for an undisclosed amount. The property is also home to Igloo Products Corp. and Medline, according to Houston Business Journal.
“The I-10 corridor has been the most robust path of commercial and residential growth in the Houston area for many years. The industrial property sector has not kept pace, and we believe there is an opportunity to address the market with a strategically located project. There is a huge residential and employment base in west Houston, and I-10 West is the most important transportation artery in the region,” Pete Johnston, senior vice president at Transwestern Development Co. told Commercial Property Executive. “Our site in the master-planned West Ten park has 2,800 linear feet of frontage on I-10 and will have direct access to a newly created four-way interchange. And, we have the scale and flexibility to satisfy a variety of user types.”
The first phase will include two spec buildings: The first one is a cross-dock building witth a 300-foot ceiling totaling 340,504 square feet. The second building totals 74,793 square feet with 28-foot ceilings and a front-loading dock.
The seller Parkside started acquiring land for the 472-acre mixed-use business park in 2008. Today just 170 acres are left for development, according to HBJ.
The leasing team for the two buildings includes Transwestern’s Managing Director Brian Gammill, Senior Vice President Darryl Noon and Leasing Agent Jude Filippone.
“We are just starting the (leasing) process of marketing the space considering we closed the deal on Friday, but we are very excited to really dive in now,” Johnston added. ” We are confident enough in the market to begin the first phase of construction as speculative development and encouraged by the positive activity around the park.”