HOUSTON – Hines has formed a joint venture with KKR & Co., the private equity firm founded by Henry Kravis and George Roberts, to develop the Pinto Business Park, a 971-acre project located at the southwest corner of Beltway 8 and Interstate 45 in Houston. The business park is owned by Pinto Development Realty Inc.
At build-out, Pinto Business Park is projected to include 9 million-sf of space, representing an investment of $900 million. The development program includes an immediate focus on build-to-suit transactions and individual land sales to corporate end-users, and afterwards, an expansion into the development of inventory for-lease buildings.
The Studley real estate firm has been retained to market the property.
“With vacancy at a 35-year low of five percent, ongoing positive absorption, increasing values and moderate new construction, the Houston industrial real estate market continues to be one of the strongest in the country,” said John Simons, corporate managing director of Studley’s national Industrial Services Group. “Pinto Business Park is the largest development-ready business park in Houston.”
The expansion of the Panama Canal is expected to increase activity at the Port of Houston and enhance regional distribution business.