Logistics Property Co. Arrives in the Rapidly Diversifying Houston Market
CHICAGO--(BUSINESS WIRE)--Nov 29, 2018--Logistics Property Company, LLC (LPC), a logistics real estate platform focused on the acquisition, development and management of state-of-the-art logistics properties in key North American markets, today announces its arrival in the Houston market with CityPark Logistics Center (CityPark), a 97-acre master-planned logistics destination within the Southwest submarket of Houston.
Situated near the intersection of the Sam Houston Tollway and Highway 90, CityPark borders both Harris County and Fort Bend County. Logistics and distribution firms will access the location via northbound and southbound Beltway 8 ramps along its eastern border, as well as by Cravens Road along the site’s western border. Ample vehicular and trailer parking are planned. For tenants desiring freeway visibility, CityPark offers over one-third of a mile of Beltway 8 frontage.
“We’re excited to enter the southern U.S.’s largest city with this project,” said Robert Wheless, LPC’s Senior Vice President – South Region. “There continues to be tremendous growth and diversification in the Houston market. CityPark offers tenants a premier location, as well as access to Missouri City’s attractive corporate environment.”
At full build-out, CityPark will house 1.7 million square feet under seven buildings. Phase I is scheduled to commence construction in Q1 2019 with scheduled delivery in Q4 2019. Phase I offers tenants 77,000 square feet in a rear load dock configuration, class “A” office improvements and Beltway 8 frontage, along with two 180,000 square foot cross-docked facilities. Phases II and III will offer larger cross-docked facilities along with larger build-to-suit opportunities.
Method Architecture has been selected as the architect, and LPC has partnered with JLL’s Houston industrial team led by Senior Vice President, John Talhelm, and Vice President, Kevin Erck, to lease CityPark.
“We continue to see robust industrial demand and a need for modern, logistics-oriented space in the greater Houston area,” said John Talhelm, Senior Vice President, Industrial Services, JLL. “CityPark Logistics Center will be the preeminent logistics hub in Southwest Houston and will provide a much-needed multitenant logistics center to the submarket.”
LPC’s acquisition and development properties have an estimated end-value of over $900 million. LPC anticipates closing on properties in Pennsylvania, Georgia, Texas and the Midwest in the near term, as part of a development pipeline exceeding 20 million square feet. The company is targeting leading industrial markets across the US with strong population demographics and significant in-place infrastructure.
About Logistics Property Co.
Logistics Property Company, LLC (LPC) is a logistics real estate platform focused on the acquisition, development and management of state-of-the-art modern logistics properties in key North American markets. The management team of LPC partnered with Macquarie Capital Real Estate Investments (MREI) on the formation of the platform. LPC currently manages properties in key logistics markets including Dallas, Houston, Chicago and Seattle-Tacoma with an estimated end-value of over $900 million. Headquartered in Chicago, LPC has offices in Atlanta, Dallas, Houston, and Los Angeles with office openings slated for Philadelphia, Miami and Seattle.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Its vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, it will build a better tomorrow for its clients, its people and its communities. JLL is a Fortune 500 company with operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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CONTACT: Jude Fitzgerald
Chief Marketing Officer, Logistics Property Co.
+1 708 667 6972
KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS TEXAS
INDUSTRY KEYWORD: REIT CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Logistics Property Company, LLC
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PUB: 11/29/2018 11:09 AM/DISC: 11/29/2018 11:09 AM