HOUSTON-A joint venture between Panattoni Development Company, Inc. and LaSalle Investment Management, Inc. has acquired a 125-acre parcel of land for industrial development in Northwest Houston.

According to Todd King, Panattoni's Houston Partner, the site will be used to develop 2 million square feet of primarily warehouse and distribution buildings. He said the development, known as Beltway Crossing NorthWest, will include both speculative and build-to-suit projects.
“This is a particularly noteworthy opportunity, both in terms of our local efforts and the impact it will have on the Northwest Submarket, which is the preferred area for users, tenants and investors,” King said. “Beltway Crossing NorthWest is one of only a few sites available that can efficiently house very large users in excess of 500,000 square feet. We are very excited to be able to deliver this property to the industrial user community in an area where vacancy is less than 5% and plan to complete our initial three buildings totaling 650,000 square feet in Spring 2014.”

The site is located on North Gessner Road, one half mile north of Beltway 8 and seven tenths of a mile south of Highway 249 and represents one of Houston's largest land acquisitions for industrial development in the past several years. Stephen Schneidau and Dave Cook of Cushman & Wakefield of Texas negotiated the transaction.