HOUSTON – (Realty News Report) – A joint venture of ALTO Real Estate Funds and Investment & Development Ventures (IDV) has acquired 11.7 acres of land in Katy for the development of distribution building.
The site is located west of Houston in the West Ten Business Park, at the intersection of Cane Island Parkway and Interstate10. The property is well-located to serve the growing Katy community and for regional and state-wide distribution via Interstate 10 and the Grand Parkway.
The new building, 7737 Cherokee Drive, will be a 165,900 SF front-load, class A logistics facility. Completion of the project is scheduled for the fourth quarter of 2021.
The West Ten Business Park, a 473-acre deed-restricted, master-planned business park. Existing companies in the business park include Amazon, Medline, Igloo, Pepperl Fuchs, Southern Glazer’s Wine & Spirits, and Bel Furniture. Retailers Buc-ee’s and CVS also have facilities in the business park.
ALTO Real Estate Funds has offices in Plano, Texas; Columbus, Ohio; and Tel Aviv, Israel.
In a joint statement, ALTO’s Mody Kidon, Chairman and Yaniv Melamud, CEO said: “We are strong believers in this sector as the demand for smart logistics centers kept growing for the last decade. This, in turn helps support increased rental rates, and investors’ appetite. The transaction is a major cornerstone in ALTO’s strategy to diversify its portfolio and expand the fund’s investments in the logistics sector for the benefit of ALTO’s investors.”
Parkside Capital developed West Ten Business Park in partnership with Dallas-based Stratford Land. In addition to brokerage by John Simons and Holden Rushing of NAI Partners, Parkside’s West Ten development team included engineering by Jones and Carter, landscape architecture and design by KGA DeForest and land use consulting by META Planning & Design.
In 2014, Transwestern Development Co. purchased a 74-acre site in West Ten Business Park.
Also in 2014, Rise Communities broke ground on a 1,000-acre project known as Cane Island, a master-planned community with 2,000 new homes . Cane Island Parkway is the main thoroughfare through the residential community.
The ALTO organization has invested in 64 properties with a total value of $1.2 billion and a total area of 12 million SF. ALTO Real Estate Funds’ investment strategy focuses on investment in logistics properties and open-air shopping centers and in 10 fast-growing markets in the US.
Jan. 28, 2021 Realty News Report Copyright 2021
File: Land Purchased for Industrial Project in West Houston
Caption: Industrial construction is strong in Houston. Photo credit; Ralph Bivins, Realty News Report. Copyright 2021
File; (2) Cane Island. ALTO Real Estate Funds. IDV, Land Purchased for Industrial project in West Ten Business Park. Katy.