(HOUSTON) - Hines, the international real estate firm, announced that it has acquired 107 acres at the southeast corner of the Sam Houston Tollway (Beltway 8) and Gessner Road in the heart of the northwest submarket of Houston from Maxaam Inc. Hines will develop over 1.5 million square feet of industrial/logistics space and will offer an amenity retail center on the Beltway 8 frontage along with a business-class hotel.
Hines is currently completing design for the two-phase logistics park, now branded as Grand National Business Park, whose first phase will consist of 500,000 square feet of logistics space. When delivered, the project will be the newest large, modern format distribution park in the northwest submarket of Houston and able to meet requirements of 20,000 square feet to 1 million square feet. In addition, the park will also offer tenants access to the to-be-developed amenity retail center, as well as a hotel concept. Within the master planned park, Hines is offering land for sale for retail and non-logistics uses.
Hines Senior Managing Director Palmer Letzerich said, “We are pleased to follow our success in the immediate market area with Houston’s most core logistics location. In addition to its phenomenal location and reduced transportation & delivery costs, Grand National Business Park offers tenants enhanced visibility from Beltway 8, as well as unique access to labor, restaurants and amenities. We have solid activity on the site already and are very much looking forward to starting construction.”
Maxam President and CEO, Charles Hurwitz, stated, “After considering several strategic options, we carefully selected Hines as our counterparty for this transaction. We have owned this property for years and I am looking forward to witnessing Hines take the property through its the next stage of development.”
Leasing for the project will be managed by Jim Foreman and Allison Bergman at Cushman Wakefield.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 201 cities in 24 countries. Hines has approximately $111 billion of assets under management, including $60 billion for which Hines provides fiduciary investment management services, and $51 billion for which Hines provides third-party property-level services. The firm has 108 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,295 properties, totaling over 422 million square feet. The firm’s current property and asset management portfolio includes 506 properties, representing over 210 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.