HOUSTON-ING Clarion Partners and local developer Pinto Realty Partners joined forces to acquire 1,226 acres of the 4,000-acre Jacintoport Industrial Park. The joint venture is currently analyzing potential uses for the industrial acreage along the Houston Ship Channel, and should come to a decision by early 2008.

Similar land in the area has traded for between $70,000 and $100,000 per acre. According to Gary A. Mabray, principal with Colliers International's Houston office, the Jacintoport land, which had been owned by a local partnership, is one of the last few large plots of land in the area abutting the ship's channel. Jacintoport Park is at Beltway 8 and Interstate 10, and Mabray says the remaining acreage has gone to other users in past years. "This is really the last waterfront parcel there," says buyer representative Mabray.

Ernest D. Cockrell, managing director of Pinto Realty Partners, says Pinto decided to buy the land because of the strength of the Port of Houston, and the growth of logistics in the Houston ship channel. He tells GlobeSt.com that ING entered the picture while Pinto was under contract for the land.

"We're in preliminary planning stages right now and are trying to define the marketplace and what it needs," Cockrell says. "That area is dynamic and growing quickly, so we want to make sure we're doing the right thing on a long-term basis."

Cockrell goes on to say that while Pinto Realty has many years' experience in developing properties, the Jacintoport project will be among the largest land deals in terms of an infrastructure play. He goes on to say that the deal represents Pinto Realty's first partnership with ING, though he hopes more deals with the New York City company can be accomplished in the future.

Mabray worked with Colliers principal/director Michael J. Taetz on behalf of the buyer. James H. Glanville, principal/director with Colliers represented the seller.