HOUSTON – Investment & Development Ventures LLC (IDV) has acquired 214 acres along Beltway 8 in southeast Houston to develop a 3.5 million-square-foot industrial park.
Named South Belt Central Business Park, the development is part of a wave of industrial projects planned along the southern segment of Beltway 8.
Phase I is already under way and is scheduled for delivery in Q4 2020. This initial phase will total 405,000 square feet and will include a 274,000-square-foot cross-dock building with ample trailer parking, plus a 130,000-square-foot side-load building. Cushman & Wakefield has been retained to handle leasing for the project.
“We are marketing to a range of users, including large industrial tenants seeking a high-quality Class A facility in a prime infill location,” said Tyndall Yaap, CEO and Managing Principal of IDV LLC. “The new flyover ramps connecting Highway 288 directly to Beltway 8 and Loop 610, and the ramp linking 288 to the Texas Medical Center, significantly improve access from the property to destinations across town, including the Port of Houston.”
The seller was the Texas General Land Office, acting on behalf of the Texas Permanent School Fund. IDV has a track record of developing industrial and office properties across Texas.
According to NewQuest Properties, this parcel is one of the three largest undeveloped tracts along the 88-mile Beltway 8 loop. The site offers approximately 4,700 feet of frontage on Beltway 8/Sam Houston Tollway, just east of Highway 288 and near Martin Luther King Boulevard.
“This is a pivotal piece of land, and bringing it back onto the tax rolls will have a meaningful impact on this part of Houston,” said Dave Ramsey, executive vice president of NewQuest Properties, who represented the seller alongside Brad Elmore, senior vice president with the Houston-based brokerage.
IDV emerged as the successful bidder from a final group of three contenders. The site sits roughly four miles from Hobby Airport, eight miles from the Texas Medical Center, and about 10.5 miles from downtown Houston.
More than one million people live within a 10-mile radius of the property, which also includes 3,125 feet of frontage along Schurmier Road.
“IDV was the right group at the right time. Houston’s industrial market is extremely active,” Ramsey added. “It’s also notable that this site will not be adversely affected by the recent flood-plain rule changes.”
Dec. 19, 2019 Realty News Report Copyright 2019
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