HOUSTON – (Realty News Report) – Hines has acquired has 78 acres in Wolff Companies’ Beacon Hill development fronting Highway 290 in Waller, for a large industrial development.
The site can accommodate up to 1.3 million SF square feet of distribution, manufacturing, or logistics space.
The deal brings together two of the best known Houston-based companies: Hines, which was founded in 1957 by legendary developer, Mr. Gerald D. Hines, and Wolff Companies, which was founded by David S. Wolff.
David S. Wolff, who has developed many business parks, is known as the “Father of the Energy Corridor” because of his formidable skill in marketing land. Mr. Wolff is credited with coining the “Energy Corridor” brand – a submarket name that is recognized around the world.
Momentum has shifted from the Energy Corridor, which is near Interstate 10, Wolff has said.
Wolff, in prior interviews, told Realty News Report that Highway 290, a major roadway on the northwest side of Houston will be the next major growth corridor for the city.
Hines land purchase in Wolff’s Beacon Hill project could be viewed as an endorsement by Hines of the Northwest Houston growth corridor.
“An immediately actionable, large-scale industrial site”
“Beacon Hill is an immediately actionable, large-scale industrial site with utilities in place today thanks to the foresight and work done by Wolff Companies and The City of Waller. We are thrilled to partner with them and build on the success of an established, master-planned development with a premier industrial development. The project is ideally positioned for a build-to-suit tenant due to both location and the business-friendly environment of Waller,” said Laura Denkler, managing director at Hines.
Located directly along the newly reconstructed U.S. 290 route in Waller County, Beacon Hill provides visibility as well as connectivity to Houston, Brenham, College Station and Austin. As Houston continues its rapid westward growth, Waller County has become a hub for global manufacturing, logistics, oil and gas service companies and aviation companies. Major employers, from global retailers to energy and manufacturing companies have established locations in Waller because of its favorable business environment, and its large and increasing supply of both affordable and premium housing options, Hines said in a press release.
Forty-Year History
The relationship between Hines and Wolff Companies extends back over 40 years. In 1978, Hines purchased 75 acres at I-10 and Mason Road from Wolff Companies, to develop a 500,000-square-foot build-to-suit project for Western Electric, the manufacturing subsidiary of AT&T. At the time, the building was the largest industrial development to be built in Houston. It now serves as headquarters for Academy Sports + Outdoors.
“Hines’ investment in Beacon Hill gives testament to the strengths of Waller County and the growing momentum of the northwest market and also underscores the value of a fully developed site that allows buyers to focus on building and delivering their projects with expediency in the current growth market,” said Wolff, Wolff Companies’ President and Chairman.
Beacon Hill is a 564-acre development that Wolff has been working on since a groundbreaking in October 2020.
NAI Partners’ John Simons, Gray Gilbert and Chris Haro represented Wolff Companies in the Hines transaction, which is the first industrial sale in the development. Wolff Companies previously sold 270 acres to Long Lake Ltd. to develop a residential subdivision in the northern section of Beacon Hill.
Mark Cover: Hines to Emphasize Industrial, Residential and Life Sciences in 2022
Mark Cover, CEO of the Southwest Region for Hines, recently said the Hines will place a heavy emphasis on industrial development in 2022.
Hines, which will soon move its headquarters to its new 47-story Texas Tower in downtown Houston, has a presence in 255 cities in 27 countries. Hines oversees investment assets under management totaling $83.6 billion
Jan. 11, 2022 Realty News Report Copyright 2022
File: Hines Buys Wolff Acreage
Image: Courtesy Wolff Cos.
CLICK TO LISTEN: David Wolff discusses growth issues and Houston’s economic development on ThHE RALPH BIVINS PROJECT podcast.