HOUSTON – (Realty News Report) – A joint venture between ALTO Real Estate Funds and Investment & Development Ventures (IDV) has acquired 11.7 acres in Katy to develop a distribution building.
The site sits west of Houston within the master-planned West Ten Business Park, at the intersection of Cane Island Parkway and Interstate 10. Its location provides convenient access to the growing Katy market and strong regional and statewide distribution routes via I-10 and the Grand Parkway.
The planned facility at 7737 Cherokee Drive will be a 165,900-square-foot, front-load, Class A logistics building. Project completion is scheduled for the fourth quarter of 2021.
West Ten Business Park is a 473-acre, deed-restricted, master-planned business park that already hosts major industrial and distribution tenants, including Amazon, Medline, Igloo, Pepperl+Fuchs, Southern Glazer’s Wine & Spirits, and Bel Furniture. The park also contains retail outlets such as Buc-ee’s and CVS.
ALTO Real Estate Funds maintains offices in Plano, Texas; Columbus, Ohio; and Tel Aviv, Israel.
In a joint statement, ALTO’s Chairman Mody Kidon and CEO Yaniv Melamud said: “We are strong believers in this sector as demand for modern logistics centers has grown continuously over the past decade. That growth supports higher rental rates and strong investor appetite. This acquisition is an important milestone in ALTO’s strategy to diversify the portfolio and expand the fund’s logistics holdings to benefit ALTO investors.”
Parkside Capital developed West Ten Business Park in partnership with Dallas-based Stratford Land. Parkside’s team on the West Ten project included brokers John Simons and Holden Rushing of NAI Partners, engineering by Jones & Carter, landscape architecture and design by KGA DeForest, and land use consulting by META Planning & Design.
In 2014, Transwestern Development Co. purchased a 74-acre parcel in West Ten Business Park. Also that year, Rise Communities began work on Cane Island, a 1,000-acre master-planned residential community that will include about 2,000 homes; Cane Island Parkway is the community’s primary thoroughfare.
ALTO has invested in 64 properties valued at approximately $1.2 billion, totaling roughly 12 million square feet. ALTO Real Estate Funds focuses its investment strategy on logistics properties and open-air shopping centers across ten fast-growing U.S. markets.
Jan. 28, 2021 Realty News Report Copyright 2021
File: Land Purchased for Industrial Project in West Houston
Caption: Industrial construction is active in Houston. Photo credit: Ralph Bivins, Realty News Report. Copyright 2021
File: (2) Cane Island. ALTO Real Estate Funds. IDV. Land Purchased for Industrial Project in West Ten Business Park, Katy.