HOUSTON – (Realty News Report) – Investment & Development Ventures LLC has acquired 214 acres on Beltway 8 in southeast Houston where it will develop a 3.5 million SF industrial park.
The project, called the South Belt Central Business Park, is part of a flurry on industrial projects being developed on the southern stretch of Beltway 8.
Phase I of the project is currently underway and is expected to deliver in Q4 2020. It will total 405,000 SF and include a 274,000 SF cross dock building with trailer parking, in addition to a 130,000 SF side-load building. Cushman & Wakefield is leasing the project.
“We are pursuing various user types and size ranges including large industrial users that want to be in a high quality, Class A facility in a great infill location. The new flyover ramps connecting 288 directly to Beltway 8 and Loop 610, and a new ramp directly connecting 288 to the Texas Medical Center, make a significant difference in quickly getting from the property to areas across town, including the Port of Houston,” said Tyndall Yaap, CEO and Managing Principal of IDV LLC.
Texas General Land Office, acting on behalf of the Texas Permanent School Fund, was the seller of the land. IDV has developed a number of industrial and office projects throughout Texas.
It is one of the three largest undeveloped tracts fronting the 88-mile Beltway 8 loop, according to NewQuest Properties. The site has 4,700 feet of frontage along Beltway 8/Sam Houston Tollway, just east of Highway 288, near Martin Luther King Boulevard.
“This is a key tract of land. The fact that it’s coming back on the tax rolls is a significant impact for that area of Houston,” says Dave Ramsey, executive vice president of NewQuest Properties who represented the seller along with Brad Elmore, a senior vice president with the Houston-based brokerage firm.
IDV was one of three buyers in the final running for the site, which is roughly four miles from Hobby Airport, eight miles from the Houston Medical Center, and 10.5 miles from the downtown.
More than one million people live within a 10-mile radius of the land, which also has 3,125 feet of frontage along Schurmier Road.
“IDV was the right group at the right time. The industrial market is hot in Houston right now,” Ramsey says. “It’s also noteworthy that this site is not going to be negatively impacted by the new flood plain rule changes.”
Dec. 19, 2019 Realty News Report Copyright 2019
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