HOUSTON – (Realty News Report) – The Avera Companies has acquired 68 acres along Highway 290 in the Northwest Houston market where it will build up to 1.3 million SF of industrial space near the massive Daikin HVAC factory.
Houston-based Avera, a commercial real estate development, construction, and investment firm, will call the new project “290 Grand Logistics.”
The Hockley-area Avera site is located at the northeast corner of Highway 290 and Kermier Road will have significant visibility along Highway 290, Avera said.
“290 Grand Logistics will be advantageous for a variety of users as it offers extensive frontage on Highway 290 in a rapidly expanding Northwest Houston submarket,” said Trey Odom, CEO and President of The Avera Companies. “The project will be accretive to other institutional quality buildings in the area, including the new Daiken and Walmart facilities.”
The project is flexible and efficiently configured to maximize rental square footage while providing ample car and trailer storage, a build-to-suit office, and a 40-foot clear height.
While Northwest Houston has long been a dominant market for industrial space in the Houston city limits, the strength of the Highway 290 corridor is rapidly being established in more distant suburbs, such as Waller County. Earlier this week, Hines announced a new industrial project on Highway 290 in Wolff Companies’ Beacon Hill development in Waller.
Wolff Companies founder David Wolff, a veteran real estate developer who is credited with coining the “Energy Corridor” brand, is betting on the future of Northwest Houston. Wolff says Highway 290, not Interstate 10, will be the next major commercial growth corridor to emerge in the city.
Avera’s project, expected to be complete in the first quarter of 2023, has almost a half-mile of Highway 290 frontage.
The property selected by Avera is just south of the Daikin HVAC factory, which employs thousands and is anticipated to have a ultimate workforce of 7,000.
The 4 million-SF Daikin factory is the largest tilt-wall building in the world, according to the Tilt-Up Concrete Association.
Daikin’s Texas Technology Park is one of the largest manufacturing facilities in North America, according to Construction Dive.
Avera currently has a significant amount of activity in Houston. The firm recently announced it has partnered with AEW to develop Champions Park, an industrial project in Northwest Houston. The 242,021-SF industrial building will be located on Antoine Road just north of Beltway 8.
Last fall, Avera, with AEW Capital Management, said it planned to develop Kilgore Grand Parkway, a 522,135-SF industrial building in Baytown, east of Houston. Situated on 34 acres on the Grand Parkway frontage in the southeast submarket, the Kilgore project has good access to the Port of Houston and Interstate 10.
Avera and AEW Capital also partnered on the development of Cedar Port Logistics, located on the Grand Parkway near FM 1405 and the shipping container terminals at the Port of Houston.
In June, it was announced that The Webstaurant Store, Inc. signed the long-term lease at Cedar Port Logistics for 643,940 SF.
Jan.13, 2022 Realty News Report Copyright 2022
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Image: Courtesy Avera
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File: Avera Boosts Northwest Surge
File: Highway 290. Waller. Hockley. Daikin. Avera Boosts Northwest Surge with 290 Grand Logistics. AEW Capital. Cedar Port Logistics. Kilgore Grand Parkway. Trey Odom.