BroadRange Logistics Leases 'Largest Speculatively Built Warehouse Ever' in Houston

BroadRange Logistics has agreed to lease a 1.22 million square foot Houston industrial property.

The lease was granted by Cresset Real Estate Partners along with its partner Lovett Industrial, which both helped build the property. The transaction was described as the “ largest speculatively-built warehouse ever leased within the Houston area,” said Cresset in a statement.

The asset, called Northport Logistics Center, features 40-foot clear heights, 273 trailer parking stalls, 224 loading dock doors, an eight-inch slab-on-grade foundation, and 190-foot truck courts. Construction first began on the site in September 2022.

The property is located in the larger part of Conroe Business Park, which sits on 1,655 acres. Over 30 firms and more than 3,000 workers are located within the Park, which is home to four-lane roads and municipal utilities. Plus, the site allows convenient access to I-45.

The move by BroadRange, which manages a total of 10.5 million SF of Class A warehouses in the nation, expands its presence in Texas. In the Loan Star State, it manages a 648,000 SF warehouse.

“They say everything’s bigger in Texas, and this new warehouse – twice the size of our previous Houston location – certainly proves that point. With this addition, we’ve tripled our footprint in Texas, a move our customers have long encouraged,” Ari Milstein, CEO of the logistics service firm said.

“We’re seeing significant tailwinds in our industry, including the trend toward reshoring, and this expansion allows us to capitalize on these opportunities while meeting the growing demand for flexible warehousing and distribution. The scale and capabilities of Northport Logistics Center align perfectly with our commitment to providing cutting-edge solutions for our clients’ evolving needs.”

The move comes as Texas’ industrial space stands to benefit from chip manufacturing. In June 2023, the state signed into law the Texas CHIPS Act,  its own version of the Biden Administration’s CHIPS and Science Act. Part of the Texas law gives private businesses $698 million to expand semiconductor manufacturing. Colliers in a recent analysis predicted that Texas would be a “critical player in the future of semiconductor production and the reshaping of CRE development.”

For Cresset, the lease of Northport is a part of its Logistics Fund I, which has collected more than $380 million. The investments in the pool have covered more than 10 million square feet of projects in the nation, according to the Chicago-based firm.

As of September 1, Cresset had more than $3.7 billion in committed capital. Lovett’s portfolio includes roughly 19 million square feet of assets that are under development, purchased, or completed.