MISSOURI CITY – (Realty News Report) – Logistics Property Co., a Chicago-based developer, has begun construction on a 151,200-square-foot warehouse within the 98-acre CityPark Logistics Center, a project that marks the start of substantial planned development on the site.
The firm is also designing a second building at CityPark — a 215,000-square-foot facility — which is slated for speculative construction in 2023 and is currently being marketed for lease.
The logistics park’s final phase is planned to deliver roughly 600,000 square feet of industrial space with direct frontage and access to Beltway 8; that portion is being marketed for build-to-suit opportunities.
CityPark Logistics Center sits at the intersection of Beltway 8 and Highway 90 in Houston’s Southwest Industrial submarket. While commonly referred to as the “southwest” market, this location is relatively central within the Houston metropolitan area compared with some southern and southwestern developments such as First Colony. The Highway 90/Beltway 8 submarket has seen rapid growth and a wave of new construction over the past five years, drawing major developers including Hines and Clay to large industrial projects.
Cushman & Wakefield brokers Beau Kaleel and Brooke Forrest serve as the leasing representatives for CityPark Logistics Center.
“Missouri City has continued to attract large companies to its supplier base as the population growth of Fort Bend County reaches levels matched with the highest areas in the U.S.,” said Robert Wheless, Senior Vice President – South Region.
Logistics Property Co. employs more than 70 people across eight offices. The company’s portfolio includes 52 buildings totaling about 23 million square feet in key logistics markets across North America, with an estimated end value exceeding $3 billion.
Houston’s industrial sector is experiencing significant momentum. In recent weeks, developers including Hillwood (a Perot company), Urban Logistics Realty, and a real estate fund advised by Crow Holdings Capital have announced industrial construction expansions in the market.
Oct. 5, 2022 Realty News Report Copyright 2022
Image courtesy of Powers Brown Architecture
File: Chicago Firm Starts Building in Houston
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