Lincoln JV Buys Houston Mall, Plans $150M Industrial Makeover
The former shopping center was once the largest in the market.
Lincoln Property Co. and New York Life Investment Management have acquired Greenspoint Mall, a former retail asset in Houston. Triyar Cannon Group sold the property, according to Yardi Matrix. The new owners plan to redevelop the property into CityNorth Industrial Park, a $150 million, 1.2 million-square-foot industrial campus.
The development team includes Powers Brown Architecture, Kimley-Horn and E.E. Reed Construction. Northmarq advised Lincoln on the joint venture with New York Life, while Moody Rambin brokered the deal, supported by an in-house Lincoln team. Another Lincoln crew handles leasing.
Demolition will begin next month, with the first phase of the industrial development expected to come online in the first quarter of 2028. The mall was once the largest in Houston; however, it shuttered its stores in 2024.
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Notably, one of the former mall’s retail tenants, Fitness Connection, will lease a 45,500-square-foot, build-to-suit facility at the future CityNorth Industrial Park. The gym operator’s lease at the previous retail property ran until 2030.
Located on an 80-acre site at 12300 North Freeway, the property is at the northeast corner of Interstate 45 and Beltway 8. George Bush Intercontinental Airport operates about 7 miles away. Part of the former mall, a vacant Sears Auto Center, has already pivoted toward new uses with ZG Cos.’ opening of a 325-unit affordable community late last year.
This isn’t Lincoln’s first project in the Greenspoint neighborhood. In 2017, the company acquired the former 2.1 million-square-foot offices of ExxonMobil, kicking off a renovation project and dubbing the campus CityNorth.
Northmarq Senior Vice President & Managing Director Warren Hitchcock arranged the Lincoln New York Life joint venture. Moody Rambin Senior Vice President Jim Vann brokered the mall’s acquisition, with Lincoln Executive Vice Presidents Zach Thomas and Director Luke Evans supporting the transaction. Lincoln Executive Vice President Kevin Wyatt and Leasing Representative Robert Willard, as well as Associate SuAnna Sanchez, oversee leasing.
Completions slump, pipeline remains high
The new project lands as industrial deliveries dwindled across Houston’s North submarket, with just 153,384 square feet of new product coming online in the second quarter, according to a CBRE report. For reference, the entire market witnessed the completion of 5.7 million square feet.
However, the North submarket still had nearly 4 million square feet of industrial projects underway as of June, representing 22.4 percent of the entire metro’s pipeline and suggesting the quarterly completion slump may be temporary.
One such project is the North Airport Logistics Center, a 476,000-square-foot development by Buchanan Capital Partners. The developer partnered with The Hanover Co. for this property, marking the duo’s first joint venture.
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