{"id":1004050247,"date":"2012-10-07T20:53:43","date_gmt":"2012-10-08T04:53:43","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=72580"},"modified":"2022-12-08T14:20:30","modified_gmt":"2022-12-08T22:20:30","slug":"kkr-hines-pinto-realty-partners-to-develop-971-acre-master-planned-business-park","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kkr-hines-pinto-realty-partners-to-develop-971-acre-master-planned-business-park\/","title":{"rendered":"KKR, Hines, Pinto Realty Partners to Develop 971-Acre Master-Planned Business Park"},"content":{"rendered":"<p style=\"text-align: justify\"><em>By Georgiana Mihaila, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify\">Kohlberg Kravis Roberts &amp; Co. has teamed with Hines and Pinto Realty Partners to develop a 971-acre master-planned business park at the corner of Beltway 8 and Interstate 45 in Houston.<\/p>\n<p style=\"text-align: justify\">Located in the heart of Houston&#8217;s North and Northwest submarkets, where industrial vacancy rates are some of the lowest in the country, Pinto Business Park is Houston&#8217;s largest development-ready business park in Houston. With drainage, detention, roads and <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/10\/Pinto-Business-Park.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-72581\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/10\/Pinto-Business-Park.jpg\" alt=\"\" width=\"230\" height=\"300\" \/><\/a>infrastructure already designed, the site is shovel ready, with tracts available for immediate construction and delivery.<\/p>\n<p style=\"text-align: justify\">According to an official release, the development program includes an immediate focus on build-to-suit transactions and individual land sales to corporate end users. When fully built out, the park represents an opportunity of 9 million square feet. Tenants will benefit from the business park&#8217;s location, which is proximate to Bush Intercontinental Airport, downtown and the Port of Houston.<\/p>\n<p style=\"text-align: justify\">&#8220;Pinto Business Park will offer manufacturing clients the benefits of a large-scale, controlled business park setting and distribution clients the benefit of a second-to-none location that has frontage and eight access points on the city&#8217;s main connections to Houston and its surrounding markets,&#8221; said Palmer Letzerich, managing director at Hines.<\/p>\n<p style=\"text-align: justify\">Under the terms of the agreement, Hines and KKR have exclusive rights to develop the business park, which is owned by Pinto Realty Partners, a subsidiary of Cockrell Interests Inc. The partnership will primarily look to pursue an industrial build-to-suit strategy for credit tenants.<\/p>\n<p style=\"text-align: justify\">The joint venture is highly confident in the development\u2019s success, given the low vacancy rate, ongoing positive absorption, increasing values and moderate new construction currently characterizing the Houston industrial market.<\/p>\n<p style=\"text-align: justify\">&#8220;We are looking forward to leveraging the partnership&#8217;s development capabilities and access to capital on a site that we have owned for over 20 years,&#8221; said Ernie Cockrell, managing director of Pinto Realty Partners. &#8220;With entitlements and development capital in place, now is the time to transform a best-in-class site into a best-in-class development.&#8221;<\/p>\n<p style=\"text-align: justify\">The Houston office of Studley Inc. has been hired to represent Pinto Business Park and attract tenants.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kohlberg Kravis Roberts &amp; Co. has teamed with Hines and Pinto Realty Partners to develop a 971-acre master-planned business park at the corner of Beltway 8 and Interstate 45 in Houston.<\/p>\n","protected":false},"author":33,"featured_media":1004506560,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1589,21742],"tags":[39438,1815],"class_list":["post-1004050247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-houston","category-latest","tag-houston","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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