High-Powered Houston Distribution Center Ready for Take-off
The 321,000-square-foot property is located in an active industrial corridor.
Buchanan Capital Partners and Vault Partners have completed the capitalization of Wildcat Distribution Center in Southwest Houston and closed on their joint venture.
Vault Partners will develop the 321,120- square-foot, cross-dock industrial property, which will have a clear height of 36 feet, 69 dock-high doors and four grade-level doors and 141 parking spaces. Wildcat is inside Beltway 8, with access to US-90 and State Highway 288, and is roughly 15 minutes from downtown Houston.
A differentiator for the project is its power capacity. With 10,000 amps, Wildcat will be one of the market’s highest-powered speculative projects in greater Houston, according to Buchanan, positioning the project for advanced manufacturing uses.
BancFirst is providing the construction financing. The general contractor for the project is FCL Builders, with Goree Architects as project architect and Kimley-Horn as civil engineer. Cushman & Wakefield’s Michael Foreman will lead leasing efforts.
The project is BCP’s first joint venture with Vault and its second industrial investment in Houston this year. The company capitalized North Airport Logistics Center, a 476,000-square-foot cross-dock in North Houston. It is co-developing the project with The Hanover Company.
Houston industrial on the move
The Houston industrial market is active, with 21.8 million square feet, or 3.1 percent of market stock, underway as of September, according to Yardi Matrix data. The national average is 2.1 percent of stock.
In September, Lincoln Property Co. and New York Life Investment Management acquired Greenspoint Mall, a former retail asset in Houston. The new owners plan to redevelop the property into CityNorth Industrial Park, a 1.2 million-square-foot industrial campus.
That same month, a joint venture between Transwestern Investments and Hanover Co. started work on a 749,016-square-foot industrial facility in Houston. Also, Logistics Property Co. started construction on a 217,758-square-foot build-to-suit warehouse at its CityPark Logistics Center in Missouri City, Texas.
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