MISSOURI CITY – (Realty News Report) – Trammell Crow Co. and joint venture partner Artis REIT, a Canadian-based real estate investment trust, have broken ground on a 676,860-SF speculative industrial project in the Park 8Ninety development on the southwest side of Houston.
It’s the fifth and final phase of the 129-acre master-planned Park 8Ninety business park is located in Houston’s Southwest Industrial Submarket at the intersection of Beltway 8 and US 90A.
After being overlooked for decades, southern sector of Beltway 8 has exploded with industrial development in the last four or five years. With access to US 90A, the Southwest Freeway, Highway 288, the Fort Bend Toll Road and other highways, the area offers logistics options. Hines, Stream Realty, Welcome Wilson and other major developers have jumped into the South Belt market with spec industrial and build-to-suits.
Amazon just announced a 1 million SF facility in Missouri City near the intersection of Fort Bend Toll Road and Highway 6.
“Leasing activity in the Southwest Submarket continues to exceed expectations and we look forward to delivering another successful phase of development at Park 8Ninety,” said Jeremy Garner, a principal with Trammell Crow Company’s Houston Business Unit. “The park benefits from highway frontage and exceptional connectivity, affording tenants with premier visibility and an ideal location to service the Greater Houston region.”
Trammell Crow said its last phase of Park 8Ninety in is scheduled for completion in the third quarter of 2021. It will include three Class A, speculative industrial buildings.
Designed by Powers Brown Architecture, the new project will feature including 28’-36’ clear heights, 52’ wide column spacing, wide truck courts, and trailer parking.
Burton Construction is the general contractor for the project. Alexander G. Reilly and Bo Pettit with Boyd Commercial International have been appointed leasing agents for the park.
Park 8Ninety offers more than 1,500 feet of frontage on Beltway 8 and over 2,000 feet of frontage on US 90A, allowing for multiple ingress/egress options to/from the park and exposure to more than 140,000 cars daily. To date, over 1.1 million SF of industrial space has been developed within the park. The first phase of Park 8Ninety, which was delivered in July 2016, includes 439,916 SF and is 100% leased; Phase II was delivered in September 2019, includes 576,407 SF and is currently 72 percent leased. Phases III and IV were completed in 2019 and 2020 as build-to-suits for a total of 132,991 SF.
Artis REIT , one of the largest diversified commercial real estate investment trusts in Canada, has a portfolio consists of industrial, retail and office properties in Canada and the United States.
Dec. 13, 2020 Realty News Report Copyright 2020
File: Trammell Crow Breaks Ground on industrial project
Photo: Courtesy Trammell Crow Co.
File: Arts REIT. Trammell Crow Breaks Ground on phase V of Park 8Ninety. Fort Bend Tollway. Powers Brown..Boyd Commercial. Burton Cnostrruction