Hines Acquires Charles Hurwitz Tract for Grand National Development
Grand National Business Park will be developed by Hines in Northwest Houston.
HOUSTON – (Realty News Report) – Hines has acquired 107 acres in northwest Houston to develop a mixed-use project featuring 1.5 million square feet of industrial space, a hotel and a retail center.
The property, located at the southeast corner of the Sam Houston Tollway (Beltway 8) and Gessner Road, was purchased from Maxxam Inc., a Houston-based company led by investor Charles Hurwitz.
“After evaluating several strategic options, we carefully selected Hines as our partner for this transaction,” Hurwitz said. “We have owned this land for years, and I look forward to seeing Hines guide the property into its next phase of development.”
Hines is finalizing designs for the two-phase logistics park, which will be branded Grand National Business Park. The first phase will include approximately 500,000 square feet of logistics space.
Upon completion, the development will be the newest large-format distribution park in northwest Houston, able to accommodate tenants needing anywhere from 20,000 to 1 million square feet. Within the master-planned site, Hines also plans to offer land for retail and other non-logistics uses.
“We already have strong activity on the site and look forward to beginning construction,” said Palmer Letzerich, Senior Managing Director at Hines.
Leasing for the park will be handled by Jim Foreman and Allison Bergman of Cushman & Wakefield.
