Parkside Capital-Vigavi JV buys land to develop logistics hub on US 290 in Waller County

 

Another industrial development is coming to U.S. Highway 290 in Waller County.

A joint venture of Houston-based real estate investment firms Parkside Capital and Vigavi closed on a 178-acre tract at Highway 290 and James Muse Parkway in Prairie View with multiple sellers last month.

Colliers represented the buyer, which declined to disclose the purchasing price.

The companies, which previously partnered to develop a 35-acre portion of the West Ten Industrial Park in Katy, plan to develop 2.5 million square feet of warehouse space on the Waller County property, though they don’t have an estimated timeline for construction yet.

Tradepoint 290, as the industrial park will be called, could consist of one or more buildings, said Luis Villarreal, founder and managing principal at Vigavi.

He said the developers envision the park as a logistics hub.

“We’ll have conversations with Fortune 500-type users that will typically use large space and offer great opportunity there for large distribution facilities and large spaces of storage,” Villarreal said.

The development will be adjacent to Houston-based Wolff Cos.’ Beacon Hill, a 587-acre mixed-use community just outside the city of Waller, which includes commercial, industrial and residential tracts.

Vigavi has been eyeing the 290 corridor outside the Grand Parkway for possible development for the past four years, Villarreal said.

Wolff Cos. purchased the first 521 acres for Beacon Hill in 2018, before the area was on the radar of most other developers. The company has since sold 270 acres to Houston-based Long Lake Ltd., which is developing a residential community there, and 78 acres to Houston-based Hines for industrial development less than a year ago. Wolff Cos. added 43 acres in January 2021 and another 23 acres a couple of months ago.

That development and now Tradepoint 290 “really just fast-forwards everything,” Villarreal said, because the projects established necessary utilities, titles and zoning.

Also this year, two different Houston-based developers announced new industrial projects in the Waller area. The Avera Cos. is building 290 Grand Logistics, a 1.3 million-square-foot facility at Highway 290 and Kermier Road, and Pagewood is working on a 500,000-square-foot distribution center at Highway 290 and FM 2920 in Waller.

More land is under contract with different developers, according to brokers who work in the area.

“We know that this level of activity — and our long-term track record — tends to attract other developers to an area,” said David Wolff, chairman and president of Wolff Cos. “We welcome this, as ‘a rising tide raises all ships.’”

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