Parkside Capital-Vigavi buy 178 acres for industrial development in Waller County
Parkside Capital and Vigavi Group have teamed on a project in Waller County that could bring up to 2.5 million square feet of buildings to an emerging market for industrial development.
The Houston-based companies have purchased 178 acres along U.S. 290, just northwest of James Muse Parkway, for a logistics park named Tradepoint 290. The land, which had previously been used for farming, was acquired from an undisclosed family.
The property, which has 1,800 feet of frontage along U.S. 290 and extends northward to Owens Road, is about 45 miles northwest of downtown Houston. The site is just west of Beacon Hill, a 587-acre mixed-use development by Houston-based Wolff Cos. including more than 300 acres for a business park on the southern portion near U.S. 290.
“The e-commerce component of retail is having a major impact on the industrial market,” Brett Walker, president at Parkside Capital, said in an announcement. “Despite current uncertainties, we have seen a continued desire for well-located, established industrial buildings or land to develop facilities. Tradepoint 290 will help meet the growing demand for this type of space that continues to surpass the existing local supply.”
Industrial construction in the Houston area rose to an all-time high of 22.5 million square feet in the third quarter, according to commercial real estate firm JLL. Vacancy fell to 6.4 percent, down from 6.6 percent in the third quarter of 2021.
Parkside and Vigavi have begun site planning for the property, which could accommodate four buildings, including two with 1 million square feet each based on preliminary plans, according to Lauren Ferrante, director of operations at Parkside Capital. The partners could develop the buildings or sell parcels to industrial developers.
The project, which is expected to be annexed by the city of Prairie View, could have sites available for development in 12 to 18 months, Ferrante said. It will have an estimated $150 million tax value upon completion. Barkley Peschel of Colliers will handle marketing for the project.
“Tradepoint 290 is a landmark project for the city of Prairie View and Waller County,” said Vigavi Founder and Managing Principal Luis Villarreal. “We intend to deliver an institutional project that will support our regional logistical requirements and be a major economic generator for the city for years to come.”
Tradepoint 290 represents the second partnership between Parkside Capital and Vigavi. The companies collaborated on a 35-acre section of the West Ten Business Park in Katy.
The development is one of six projects in Parkside Capital’s latest private equity land fund and among nine active developments across greater Houston. Vigavi has developed speculative and build-to-suit industrial developments across the Houston market.
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