HOUSTON – (Realty News Report)–A joint venture between Dallas-based developer Urban Logistics Realty and a real estate fund advised by Crow Holdings Capital has broken ground on Urban District 290, a two-building urban industrial development totaling 238,200 SF in Northwest Houston.
This is Urban Logistics first project in Houston. Nathan Wynne and Jason Dillee with CBRE have been selected as the exclusive marketing and leasing agents for the project.
The project is located near the corner of Highway 290 and Bingle Road. The 290 Corridor in Northwest Houston, along with the Port of Houston area, traditionally have been dominant in Space City’s industrial market for decades.
However, land for new development has not been abundant in recent years and developers have pushed farther to the northwest suburbs to locate industrial developments.
Veteran Houston land developer David Wolff, called the Father of the Energy Corridor – the well-known district along Interstate 10, has started major land development activity on Highway 290. “We see much the same opportunity along 290 that we saw years ago along I-10 in The Energy Corridor,” Wolff said in 2018. “With the connectivity created by Grand Parkway, the growth in Northwest Houston, as well as in Bryan-College Station and Austin, is raising the strategic profile of 290 for corporations and for Houston.”
Urban District 290, the new development by Urban Logistics Realty is scheduled for completion in the second quarter of 2023.
“This site represents the most urban and infill location in Northwest Houston currently under development, and it fits squarely into our investment strategy. We’re big believers in the Houston market, and we’ll be investing here for years to come,” said Adam Herrin, Co-Managing Partner at Urban Logistics Realty.
Building 1 will be a 64,800-SF, side-load facility and feature 13 dock-high doors with an oversized drive-in ramp. Building 2 will be a 173,400-SF cross-dock facility. It will feature 32 dock-high doors, two oversized drive-in ramps and parking for 30 trailers. Both buildings will include speculative office space and 32’ clear heights.
“With overall tenant and activity absorption at record highs in Houston, Urban District 290 has the perfect combination of product type, amenities, access to major thoroughfares and location to fit the northwest Houston submarket,” said CBRE’s Dillee. “The submarket has very little Class A availability and Urban District 290 represents the most infill location for prospective tenants.”
Inbound company migration propelled by population growth and port expansion drove Houston’s net absorption to record-breaking levels in the second quarter of 2022, according to CBRE Research. The metro’s industrial pipeline expanded for the fifth consecutive quarter, reaching 23.4 million sq. ft. The northwest submarket was among the most active for building activity in Houston, with 7.6 million sq. ft. underway in the second quarter.
Sept. 7, 2022 Realty News Report Copyright 2022
Image: Courtesy CBRE.. Developer Enters Houston Market with Infill Project in NW Houston
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File: Urban Logistics Realty. Developer Enters Houston Market with Infill Project