A partnership between Lovett Industrial and Cresset Partners has broken ground on NorthPort Logistics Center, a Class A industrial facility totaling more than 1.2 million square feet in Conroe, Texas. The co-developers expect to deliver the complex by the second quarter of 2023.
The warehouse will take shape on approximately 75 acres within the Conroe Park North in the Greater Houston area, which the joint venture acquired in June, Montgomery County records show. NorthPort Logistics Center will feature a 40-foot clear height, 224 dock-high doors, 190-foot truck courts as well as at the minimum 273 trailer parking spaces, depending on the requirement of the future tenant(s).
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The partnership has turned to Citizens for construction financing. The development team includes Alston Construction, serving as general contractor, Powers Brown Architecture, taking on the role of lead architect, as well as locally based Bleyl Engineering as civil engineer.
Lovett Industrial and Cresset Partners selected CBRE to market the speculative development. The leasing team includes Senior Vice Presidents Nathan Wynne, Jason Dillee and Ed Frantz.
A Greater Houston industrial hub
The 1,655-acre Conroe Park North is home to a wide variety of industries, encompassing more than 40 companies as well as 3,000 employees. Notable tenants include Cantel Medical Corp., a medical devices manufacturer, Memstar USA, the membrane production arm of CITIC Envirotech Group, along with FedEx Freight, among others. As of July, the industrial vacancy rate across the Houston market reached 8.6 percent, CommercialEdge data shows.
NorthPort Logistics Center along Conroe Park W. Drive will be within 3 miles of Interstate 45, within 38 miles of George Bush Intercontinental Airport and some 47 miles north of downtown Houston.
As of September, Greater Houston, one of the leading Southwest markets for industrial construction, had 71 industrial projects totaling nearly 17.7 million square feet underway, CommercialEdge data shows. The pipeline also consists of 45.6 million square feet of industrial space across 156 developments in the planning and permitting stages.
In August, Stream Realty Partners delivered the second phase of Empire West Business Park, a 2.3 million-square-foot industrial development in Brookshire, Texas. The project includes a planned third phase with two distribution centers totaling 800,000 square feet.
Meanwhile, Lovett Industrial has more than 7 million square feet of projects underway companywide. In March, the company teamed up with Clarion Partners to break ground on Interchange 249, a 3.1 million-square-foot, master-planned development across 240 acres in Tomball, Texas.