Houston -- A joint venture between Panattoni Development Company, Inc. and LaSalle Investment Management, Inc. has acquired a 125-acre parcel of land for industrial development in Northwest Houston, TX. The site is located on North Gessner Road, one half mile north of Beltway 8 and seven tenths of a mile south of Highway 249 and represents one of Houston’s largest land acquisitions for industrial development in the past several years.
Stephen Schneidau and Dave Cook of Cushman & Wakefield of Texas negotiated the transaction.
According to Todd King, Panattoni’s Houston Partner, the site will be used to develop 2 million square feet of primarily warehouse and distribution buildings. He said the development, known as Beltway Crossing NorthWest, will include both speculative and build-to-suit projects.
King stated, “This is a particularly noteworthy opportunity, both in terms of our local efforts and the impact it will have on the Northwest Submarket, which is the preferred area for users, tenants and investors. Beltway Crossing NorthWest is one of only a few sites available that can efficiently house very large users in excess of 500,000 square feet. We are very excited to be able to deliver this property to the industrial user community in an area where vacancy is less than 5% and plan to complete our initial three buildings totaling 650,000 square feet in Spring 2014.”
Schneidau will join with C&W’s Jim Foreman and Beau Kaleel to lease the new product.
Panattoni’s Houston office has developed in excess of 2 million square feet locally. In addition to Beltway Crossing NorthWest, recent and current projects include a 420,000 square foot build-to-suit for Igloo Products Corp., a design-buildcenter for Cyrus One, and Beltway Corporate Center, a 130,000 square foot office building. The firm is also active in the Energy Corridor with a second site under contract for a 134,000 square foot office building. Worldwide, Panattoni has nearly 7 million square feet of development underway.
Panattoni Development Company (www.panattoni.com) is a privately held, full service development company founded in 1986. The firm has completed in excess of 175 million square feet of commercial projects globally. Panattoni has developed industrial, office and flex facilities in 278 cities located in 29 states and 9 countries. The firm is headquartered in and maintains offices throughout the United States, Canada and Europe.
LaSalle Investment Management, Inc., a member of the Jones Lang LaSalle group (NYSE: JLL), is a leading global real estate investment manager, with approximately $46.3 billion of assets under management of private and public property equity investments. LaSalle is active across a range of real estate capital and operating markets including private and public, debt and equity and our clients include public and private pension funds, insurance companies, governments, endowments and private individuals from across the globe.