Hines land purchase kicks off industrial project in Waller
By Katherine Feser, Houston Chronicle
Houston-based Hines has purchased 78 acres in Beacon Hill, a 564-acre development of Wolff Cos. along U.S. 290 in Waller, for a build-to-suit industrial development. The sales price was not disclosed.
The site, located west of Beacon Hill Boulevard along U.S. 290 about 45 miles northwest of downtown Houston, can accommodate up to 1.3 million square feet of distribution, manufacturing or logistics space. Utilities, drainage and streets are in place so development could begin whenever Hines is ready.
“The project is ideally positioned for a build-to-suit tenant due to both location and the business-friendly environment of Waller,” Laura Denkler, managing director at Hines, said in an announcement.
NAI Partners is marketing the project to potential tenants on behalf of Hines. John Simons, Gray Gilbert and Chris Haro of NAI Partners represented Wolff Cos. in the land sale.
“We are currently marketing the site as a build-to-suit site so the ground breaking date is contingent on future tenant needs,” Denkler said.
The deal marks the first industrial sale in the Beacon Hill master planned community, which includes a business park along U.S. 290 and a residential development on the northern 270 acres, south of Owens Road. Long Lake is developing the residential portion, which is planned for 870 homes from the $200,000s to mid $400,000s. The residential community opened last year.
Wolff Cos. is developing the business park on the southern portion with sites that could accommodate industrial, office, retail, multifamily and hospitality uses. Similar to Wolff’s developments along Interstate 10 in the Energy Corridor and other areas of Houston over the last 50 years, the park is designed in a way that various types of buildings are compatible.
The deal builds upon a long relationship between two Houston companies. Hines bought 75 acres at Interstate 10 and Mason Road from Wolff Cos. in 1978 to develop a 500,000-square-foot project for Western Electric. The building now serves as headquarters for Academy Sports + Outdoors.
David Wolff, president of Wolff Cos., said the completion of the reconstruction of U.S. 290 puts Beacon Hill in the path of growth where new communities, such as Dunham Pointe, are opening and businesses are expanding. Since buying former farm land for the development in 2018, Wolff Cos. has created a business park with development ready sites to meet demand.
“The reconstruction of U.S. 290, which took about 10 years to complete, held back what would have been the natural growth in that area,” Wolff said. “Now, the growth is coming to fruition.”
For the complete article, please go to:
https://www.houstonchronicle.com/business/real-estate/article/Hines-land-purchase-kicks-off-industrial-project-16769364.php