HOUSTON–A joint venture between Hillwood Investment Properties and Copeland Commercial will break ground on a 717,706-square-foot office and logistics park. The speculative development is located in the North Houston submarket, south of FM 1960.
The master-planned park will be built in multiple stages. Phase one will consist of two properties: a 32' clear, 284,170-square-foot building and a 28' clear, 129,936-square-foot building. They will include amenities like ESFR sprinkler systems, expansive truck courts and room for both trailer and outside storage.
“This location is ideal for tenants serving the greater north Houston markets,” John Thomas of Hillwood tells GlobeSt.com. “More specifically, we see three types of business that would benefit from this location: companies who may want to be close to the new Exxon facility, tenants who want to service all of north Houston and the Woodlands, as well as tenants who need to be close to the airport. In general, we are talking about office distribution tenants, as well as light assembly and service companies.”
Construction on the first phase is expected to complete by the end of 2014 or early 2015. When sufficient tenants are signed for the first phase, construction will begin on the next stage. Thomas anticipates development will begin in mid- to late-2015. The second phase includes more than 20 acres, which can be built out to over 299,070 square feet.
Thomas says now is the prime time to build speculative industrial buildings due to the market's low vacancy rate and solid absorption.
“From a macro perspective, Houston continues to outpace the rest of the country in job creation,” Thomas says. “While the energy sector still leads the way in terms of demand drivers, the expansion of the port and the manufacturing sectors are also driving the need for additional distribution space.”
Stream Realty Partners has been tapped to oversee leasing and management of the park.
“We feel ICC's competitive advantage in the market is its ability to offer visibility from Interstate 45, the opportunity for outside and/or trailer storage and flexibility to demise to accommodate users ranging from 29,190 square feet up to 284,170 square feet,” says Matteson Hamilton, vice president of Stream Realty. Hamilton, along with colleague Jeremy Lumbreras will handle the leasing.
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