First Industrial Project Breaks Ground at Park Air 59
Parc Air 59 will provide class-A last-mile industrial product to the underserved residential growth along the 59 corridor in Humble, which offers a competitive tax advantage over surrounding municipalities.
HUMBLE, TX—Parc Air 59, a 320,000-square-foot three-building urban industrial development, has recently broken ground. The development is slated for completion in the fourth quarter of 2018.
It is the first industrial component within Archway Properties’ 111-acre Park Air 59. This mixed-use business park also includes retail, medical office and other uses.
A partnership comprised of developer Jackson-Shaw and investor Thackeray Partners are teaming up on the project. Beyond the large scope of the deal, another first is that Jackson-Shaw hasn’t developed an industrial project in Greater Houston, GlobeSt.com learns.
Situated on 20 acres, Parc Air 59 is strategically located in the North submarket at the Will Clayton Parkway entrance to the George Bush Intercontinental Airport. This location offers tenants frontage on US 59/Interstate 69, with direct access to east-west thoroughfares via Beltway 8, as well as close proximity to the master-planned communities of Kingwood, Spring and The Woodlands.
“Parc Air 59 will provide class-A last-mile industrial product to the underserved residential growth along the 59 corridor,” said Grant Person, development manager at Jackson-Shaw. “The project is designed to cater to a wide range of industrial users as small as 15,000 square feet, and being located in the city of Humble, will have a competitive tax advantage over surrounding municipalities.”
Parc Air 59 includes three buildings, a 160,000-square-foot cross-dock and two 80,000-square-foot single-load buildings. Each offers 28-foot and 32-foot clear heights, 130-foot and 210-foot shared truck courts, ESFR sprinklers and abundant trailer parking.
Arch-Con Corporation is serving as the general contractor, Powers Brown is the project’s architect, Kimley-Horn is the civil engineer and Comerica is providing construction financing. Jackson-Shaw has selected Jason Dillee, Beau Kaleel, Allison Bergman and Nathan Wynne of Cushman & Wakefield to oversee the leasing and management of the project.
Since its inception, Thackeray has closed on joint venture and direct real estate transactions totaling more than $4.6 billion, representing equity placements of more than $930 million. Total investment activity includes more than 190 separate transactions representing approximately 20,500 apartment units and 19.1 million square feet of industrial space.