HOUSTON – (Realty News Report) – Hines acquired 107 acres in northwest Houston for a mixed-use project with a 1.5 million SF of industrial space, a hotel and a retail center.
Hines purchased the property, located at the southeast corner of the Sam Houston Tollway (Beltway 8) and Gessner Road from Maxxam Inc., a Houston-based firm led by noted investor Charles Hurwitz.
“After considering several strategic options, we carefully selected Hines as our counterpart for this transaction,” Hurwitz said. “We have owned this property for years and I am looking forward to witnessing Hines take the property through its the next stage of development.”
Hines is currently completing design for the two-phase logistics park, branded as Grand National Business Park, whose first phase will consist of 500,000 SF of logistics space.
When delivered, the project will be the newest large, modern format distribution park in the northwest submarket of Houston and able to meet requirements of 20,000 SF to 1 million SF. Within the master planned park, Hines is offering land for sale for retail and non-logistics uses.
“We have solid activity on the site already and are very much looking forward to starting construction,” Hines Senior Managing Director Palmer Letzerich said.
Leasing for the project will be managed by Jim Foreman and Allison Bergman at Cushman Wakefield.