HOUSTON – (Realty News Report) – A joint venture between Dallas-based developer Urban Logistics Realty and a real estate fund advised by Crow Holdings Capital has broken ground on Urban District 290, a two-building urban industrial development totaling 238,200 square feet in northwest Houston.
This marks Urban Logistics Realty’s first project in Houston. Nathan Wynne and Jason Dillee of CBRE have been selected as the exclusive marketing and leasing agents for the development.
The project sits near the intersection of Highway 290 and Bingle Road. The 290 Corridor in northwest Houston, along with the Port of Houston area, has long been a dominant part of the city’s industrial market.
However, available land for new development has been limited in recent years, pushing many developers to the farther northwest suburbs for industrial projects.
Veteran Houston land developer David Wolff—often called the Father of the Energy Corridor, the well-known district along Interstate 10—has initiated significant land development activity along Highway 290. Wolff said in 2018, “We see much the same opportunity along 290 that we saw years ago along I-10 in The Energy Corridor. With the connectivity created by Grand Parkway and growth in northwest Houston as well as in Bryan-College Station and Austin, 290’s strategic profile for corporations and for Houston is rising.”
Urban District 290, developed by Urban Logistics Realty, is scheduled for completion in the second quarter of 2023.
“This site represents the most urban, infill location in northwest Houston currently under development, and it fits squarely into our investment strategy. We’re big believers in the Houston market, and we’ll be investing here for years to come,” said Adam Herrin, Co-Managing Partner at Urban Logistics Realty.
Building 1 will be a 64,800-square-foot side-load facility with 13 dock-high doors and an oversized drive-in ramp. Building 2 will be a 173,400-square-foot cross-dock facility featuring 32 dock-high doors, two oversized drive-in ramps and parking for 30 trailers. Both buildings will provide speculative office space and 32-foot clear heights.
“With tenant demand and activity absorption at record highs in Houston, Urban District 290 offers the right combination of product type, amenities, access to major thoroughfares and location to serve the northwest Houston submarket,” said Jason Dillee of CBRE. “The submarket has very little Class A availability, and Urban District 290 represents the most infill location for prospective tenants.”
Inbound corporate migration driven by population growth and port expansion helped push Houston’s net absorption to record levels in the second quarter of 2022, according to CBRE Research. The metro’s industrial pipeline grew for a fifth consecutive quarter, reaching 23.4 million square feet, and the northwest submarket was among the most active in the region, with approximately 7.6 million square feet under construction in the second quarter.
Sept. 7, 2022 Realty News Report Copyright 2022
Image: Courtesy CBRE. Developer Enters Houston Market with Infill Project in NW Houston
THE RALPH BIVINS PROJECT PODCAST
LISTEN: THE RALPH BIVINS PROJECT podcast with Christen Vestal of Vigavi Realty
File: Urban Logistics Realty. Developer Enters Houston Market with Infill Project