(To read more on the industrial market, click here.)
LA PORTE, TX-In a first-time joint venture, ML Realty Partnersand National Property Holdings plan to build four million sf on 295acres at the Port of Houston. The $200-million Port CrossingCommerce Center development breaks ground in the summer with twospec buildings totaling 631,000 sf.
As plans unfold for the first phase, the developers are puttingfinishing touches to more than 550,000 sf of build-to-suitfacilities. The build-to-suit deals should close within two months.The JV started to take down the land, owned by several parties, inJanuary. The acreage, eyed for a four- to six-year build-outschedule, fronts Texas 146 between Barbours Cut Terminal andBayport Terminal. With all tracts now in hand, the JV plan is tostart delivering the spec space in first quarter 2007.
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