Hines buys 78 acres in Waller master-planned community for industrial project

Houston-based Wolff Cos. has found a partner to build the first industrial development in its 564-acre Beacon Hill master-planned community near Waller.

Hines, a Houston-based real estate development firm, paid an undisclosed amount to acquire 78 acres in the community for a build-to-suit industrial project. The parcel purchased by Hines is located west of Beacon Hill Boulevard and fronts U.S. 290. The site is capable of housing up to 1.3 million square feet of distribution, manufacturing or logistics space with flexibility on the ultimate site plan. Wolff Cos. said in a news release that the project will feature industry-leading building characteristics.

John Simons, Gray Gilbert and Chris Haro of Houston-based NAI Partners represented Wolff Cos. in the transaction. NAI Partners is also marketing the property to potential tenants.

“Beacon Hill is an immediately actionable, large-scale industrial site with utilities in place today thanks to the foresight and work done by Wolff Companies and the city of Waller,” said Laura Denkler, managing director at Hines. “We are thrilled to partner with them and build on the success of an established, master-planned development with a premier industrial development. The project is ideally positioned for a build-to-suit tenant due to both location and the business-friendly environment of Waller.”

Waller Mayor Danny Marburger said the plan for a build-to-suit industrial project is likely to spur additional development in the area.

“We see Beacon Hill as destined to become the premier live and work environment in the 290 corridor,” Marburger said.

The sale of 78 acres to Hines marks the first major transaction within Beacon Hill since 2020, when Houston-based Long Lake Ltd. and its development arm, Woodmere Development Co., acquired 270 acres in the master-planned community. Long Lake and Woodmere plan to build around 870 homes on the land.

Priced from the mid-$200,000 range to the mid-$400,000 range, the homes have floorplans ranging from 1,400 square feet to more than 4,000 square feet and will feature two to six bedrooms, as well as options such as additional family, game or media rooms.

Long Lake’s Beacon Hill neighborhood will offer lots starting at 55 feet, which the company said will allow for additional garage space, larger patios and other customizations.

Wolff Cos. purchased the original 521-acre property in 2018 from the Schild family for between $15 million and $20 million. In addition to hundreds of homes, plans for Beacon Hill include a new commercial center, which Wolff Cos. said will be a major economic driver for the area.

The development will feature a business park on the 251 acres abutting U.S. 290. The business park will accommodate tenants ranging from light industrial and distribution to office, multifamily and retail, all supported by utilities and services from the city of Waller.

Last year, Wolff Cos. acquired an additional 43 acres for the project — bringing the total size of the development to 564 acres — which Wolff Cos. President and Chairman David Wolff said have the potential for a variety of uses, including retail, light industrial and flex space.