(HOUSTON) – Hines, the international real estate firm, and its land partner at the Pintail Business Park development in Katy, Texas, have closed the sale of the property to an undisclosed user. The user, who will develop and own a large-format distribution center serving Katy and the surrounding area, which will bring more activity and jobs to Katy and the I-10 corridor.
Hines Managing Director Charlie Meyer stated, “In the midst of our planning effort for our Pintail Crossing development, we were approached by a user/owner whose interest was to own, rather than to lease the property. We at Hines, together with our land owner and partner, elected to move forward with the sale of the entire property rather than the planned phased development. This is a win for everyone involved including Hines, our land partner, the new owner, as well as the City of Katy.”
Andy Sowell and Bo Pettit at Boyd Commercial, who was awarded the listing of Pintail Crossing in May of 2018, represented the seller.
About Boyd Commercial
Since 1977, Boyd Commercial, LLC has provided value-driven real estate services to Houston’s industrial, investment and business communities. Boyd Commercial is a locally owned, entrepreneurial firm with the flexibility to move quickly and they’re globally connected through the high-performing industry affiliations of SIOR and CORFAC International to offer services across the country and worldwide.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 207 cities in 24 countries. Hines has approximately $116.4 billion of assets under management, including $64 billion for which Hines provides fiduciary investment management services, and $52.4 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,319 properties, totaling over 431 million square feet. The firm’s current property and asset management portfolio includes 527 properties, representing over 224 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.