HOUSTON-As it looks to penetrate the market even deeper, Denver-based ProLogis has mapped out a 68-acre industrial park, estimated to cost $60 million to $70 million. The first phase of the 1.2-million-sf ProLogis NorthPark will break ground in the second quarter.
"We're definitely looking for more land opportunities in Houston proper," Ross Matthews, vice president and market officer with ProLogis' Houston office, tells GlobeSt.com. "Nothing else is under contract at this time. We were focused on NorthPark as it took us a good while to get that going."
ProLogis NorthPark will front Interstate 45, with the dirt situated between Airtex Drive and Richey Road. ProLogis purchased the site in December from NP Inc., a local real estate investment group.
The park's first phase will be two spec distribution facilities, totaling 219,000 sf. The land came with a 118,000-sf industrial building, which has a 16,000-sf vacancy.
Matthews says there has been strong interest from potential build-to-suit users for a spot in the park. "We're proposing a sizeable build-to-suit for the park and already have two existing customers expressing a strong interest in locating there," he adds. Given the interest, Matthews estimates the land will be built out in three years.
Matthews says the acreage's location was the drawing power because nearby Beltway 8 provides easy access for distribution, but there were other selling points. "All the infrastructure was in place here," he says. "A major thoroughfare was in place as were utilities. All we need to do is the vertical development."
ProLogis, as it always does, will lease and manage the park. Quoted rates are being fine-tuned. General contractor and architectural decisions are pending.
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