Costco Buys 150 Acres on I-10; Plans for Hines Pintail Park Scuttled
HOUSTON – (Realty News Report) – Costco Wholesale Corp. has purchased a 150-acre site along Interstate 10 at Igloo Road in Waller County, west of Houston, for a distribution center.
The site was acquired from a partnership that had proposed to work with Hines to build an industrial park, called Pintail Crossing. Hines said earlier this year that Pintail Crossing land was “suitable for 2.2 million SF of build-to-suit distribution space serving Houston, San Antonio and Austin.”
But then, Costco came along and things changed.
Hines Managing Director Charlie Meyer stated, “In the midst of our planning effort for our Pintail Crossing development, we were approached by a user/owner whose interest was to own, rather than to lease the property. We at Hines, together with our land owner and partner, elected to move forward with the sale of the entire property rather than the planned phased development. This is a win for everyone involved including Hines, our land partner, the new owner, as well as the City of Katy.”
Andy Sowell and Bo Pettit at Boyd Commercial, who was awarded the listing of Pintail Crossing in May of 2018, represented the seller. Costco did not announce its representation in buying the land.
The area has attracted firms that have built significant industrial buildings, including Amazon, Academy and Rooms to Go.
Clay Development and Construction recently announced a major distribution development in the area, called Pederson Distribution Park.
“In the last 10 years, the average size of new buildings here has been 840,000 square feet, said Robert Clay, president of Clay Development. “The area serves a population of 16 million within a 200-mile radius. Retailers and distributors are looking for locations in the area to capitalize on the 12-percent population growth since 2010. We are meeting that demand with state-of-the-art distribution space in a high-visibility, highly accessible location.”
Dec. 17, 2018 Realty News Report Copyright 2018