MISSOURI CITY – (Realty News Report) – Trammell Crow Company, in partnership with Artis REIT, a Canadian real estate investment trust, has broken ground on a 676,860-square-foot speculative industrial project within the Park 8Ninety development on Houston’s southwest side.
The new construction marks the fifth and final phase of the 129-acre, master-planned Park 8Ninety business park, situated in Houston’s Southwest Industrial Submarket at the intersection of Beltway 8 and US 90A.
After being largely overlooked for years, the southern sector of Beltway 8 has seen a surge of industrial development over the past four to five years. With direct access to US 90A, the Southwest Freeway, Highway 288, the Fort Bend Toll Road, and other major routes, the area has become an appealing logistics hub. Major developers such as Hines, Stream Realty, and Welcome Wilson have entered the South Belt market with speculative industrial projects and build-to-suit developments.
Amazon recently announced plans for a 1 million-square-foot facility in Missouri City near the Fort Bend Toll Road and Highway 6, underscoring continued demand for large industrial space in the area.
“Leasing activity in the Southwest Submarket continues to exceed expectations, and we look forward to delivering another successful phase of development at Park 8Ninety,” said Jeremy Garner, a principal with Trammell Crow Company’s Houston Business Unit. “The park benefits from highway frontage and exceptional connectivity, providing tenants with premier visibility and an ideal location to serve the Greater Houston region.”
Trammell Crow expects the final phase at Park 8Ninety to be completed in the third quarter of 2021. The package includes three Class A speculative industrial buildings designed to meet modern logistics needs.
Designed by Powers Brown Architecture, the new buildings will offer 28- to 36-foot clear heights, 52-foot column spacing, wide truck courts, and ample trailer parking to support large-scale distribution and fulfillment operations.
Burton Construction serves as the general contractor for the project. Alexander G. Reilly and Bo Pettit of Boyd Commercial International have been appointed as leasing agents for the park.
Park 8Ninety features more than 1,500 feet of frontage on Beltway 8 and over 2,000 feet of frontage on US 90A, providing multiple ingress and egress options and daily exposure to more than 140,000 vehicles. To date, the park has seen over 1.1 million square feet of industrial development. Phase I, delivered in July 2016, totals 439,916 square feet and is fully leased. Phase II, delivered in September 2019, includes 576,407 square feet and is currently approximately 72 percent leased. Phases III and IV were completed in 2019 and 2020 as build-to-suit projects totaling 132,991 square feet.
Artis REIT, one of Canada’s largest diversified commercial real estate investment trusts, maintains a portfolio that includes industrial, retail, and office properties across Canada and the United States and is partnering with Trammell Crow on this final phase of Park 8Ninety.
Dec. 13, 2020 Realty News Report Copyright 2020
File: Trammell Crow Breaks Ground on industrial project
Photo: Courtesy Trammell Crow Co.
File: Artis REIT. Trammell Crow breaks ground on Phase V of Park 8Ninety. Fort Bend Tollway. Powers Brown. Boyd Commercial. Burton Construction.