Waller industrial project breaks ground along U.S. 290 corridor
By Katherine Feser, Houston Chronicle
Pagewood, a Houston-based commercial real estate firm founded by Paul Coonrod, has broken ground on its first new industrial development in the growing region for industrial projects along the U.S. 290 corridor northwest of Houston.
Pagewood acquired 63 acres of land at the southwest corner of U.S. 290 and FM 2920 in Waller in April from an undisclosed seller, according to Coonrod.
The Great 290 Distribution Center will consist of a 500,000-square-foot cross-dock building slated for completion in March 2023. The property is being marketed as a single-tenant building. Nathan Wynne and Jason Dillee of CBRE are handling leasing.
Powers Brown Architecture designed the building and EE Reed Construction is the general contractor. Site work for the project began this week.
Nearby, Houston-based Avera recently acquired 68 acres at the northeast corner of U.S. 290 and Kermier Road for the development of 290 Grand Logistics, a project planned for up to 1.3 million square feet of industrial space. Houston developer Hines purchased 78 acres in the Beacon Hill master-planned business park along U.S. 290 for a build-to-suit industrial development.
The Houston region has 29.5 million square feet of industrial space under construction as of the first quarter, according to commercial real estate firm Cushman & Wakefield. Of that, 5.8 million square feet is in the far northwest submarket.
Industrial vacancy fell to 7.3 percent in the first quarter, down from 8.4 percent in the previous quarter as tenants occupied 5.1 million square feet more space across the market during the quarter, according to Cushman & Wakefield.
The Great 290 Distribution Center represents the second big project for Pagewood. In west Houston, Pagewood has teamed with Houston-based Wile Interests to develop a The Quad, a 40,000-square-foot creative workspace community in four converted industrial buildings at 1410 Brittmoore Road in west Houston.
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