{"id":1004245976,"date":"2018-07-30T04:33:56","date_gmt":"2018-07-30T12:33:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004245976"},"modified":"2022-12-08T05:08:16","modified_gmt":"2022-12-08T13:08:16","slug":"hines-to-bring-1-5-msf-logistics-park-to-houston","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-to-bring-1-5-msf-logistics-park-to-houston\/","title":{"rendered":"Hines to Bring 1.5 MSF Logistics Park to Houston"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Grand<\/a>

Grand National Business Park in Houston<\/p><\/div>\n

Hines has acquired 107 acres in the heart of the northwest submarket of Houston from Maxaam Inc., which it will turn into Grand National Business Park, a two-phase logistics park that will total 1.5 million square feet when complete.<\/p>\n

\u201cThe development is located in the heart of Houston\u2019s Northwest submarket and offers scale and Beltway frontage, which are very difficult to find in today\u2019s land constrained northwest submarket,\u201d <\/em>Palmer Letzerich, Hines\u2019 senior managing director, told Commercial Property Executive. \u201cThe product and location of this project will undoubtedly be top of market regarding building specs, location and quality and long-term value.\u201d<\/em><\/p>\n

The first phase of the project will consist of 500,000 square feet of logistics space, and phase two will offer an amenity retail center on the Beltway 8 frontage, along with a business-class hotel. Hines is currently offering land for sale for retail and non-logistics uses within the park.<\/p>\n

\u201cAs a continuation to the success of Pinto Business Park, we have seen numerous tenants with individual requirements in excess of 500,000 square feet who are looking for access to labor and the urban distribution density that characterizes the Houston Northwest market,\u201d<\/em> Letzerich said.<\/p>\n

When complete, Grand National Business Park will be able to meet requirements of 20,000 square feet to 1 million square feet.<\/p>\n

Building Up A Strong Portfolio<\/strong><\/h2>\n

Currently, Hines has nearly $111 billion in assets under management and 108 developments underway around the world.<\/p>\n

According to Letzerich, Hines seeks to develop the highest-quality product, whether in office, multifamily, residential or industrial\/logistics.<\/p>\n

Earlier this month, a joint venture between Hines and Ivanho\u00e9 Cambridge announced it was developing a 47-story, 1 million-square-foot office tower<\/a> in Houston, scheduled to open in late 2021. Also this month, Hines partnered with funds managed by Oaktree Capital Management on the acquisition of Beckman Coulter Campus<\/a>, an approximately 576,200-square-foot property in Brea, Calif. <\/p>\n

The development will be situated at the southeast corner of the Sam Houston Tollway and Gessner Road.<\/p>\n

\u201cThe location offers bulk distribution tenants as well as smaller shallow bay users lower distribution costs to the end customer and access to new labor, as well as restaurants and amenities for existing employees,\u201d<\/em> Letzerich said.<\/p>\n

Cushman & Wakefield\u2019s Jim Foreman and Allison Bergman will handle leasing for the property.<\/p>\n

Image courtesy of Hines <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The upcoming development will span 107 acres near the Sam Houston Race Park and will include industrial space, a retail center and a business-class hotel. <\/p>\n","protected":false},"author":451,"featured_media":1004245985,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,1589,21748,21752,21742],"tags":[32799,32797,33565,41387,32944,37981],"class_list":["post-1004245976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-houston","category-industrial","category-mixed-use","category-latest","tag-cushman-wakefield","tag-hines","tag-ivanhoe-cambridge","tag-jim-foreman","tag-oaktree-capital-management","tag-palmer-letzerich"],"acf":[],"yoast_head":"\nHines to Bring 1.5 MSF Logistics Park to Houston - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hines-to-bring-1-5-msf-logistics-park-to-houston\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hines to Bring 1.5 MSF Logistics Park to Houston\" \/>\n<meta property=\"og:description\" content=\"The upcoming development will span 107 acres near the Sam Houston Race Park and will include industrial space, a retail center and a business-class hotel.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hines-to-bring-1-5-msf-logistics-park-to-houston\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-07-30T12:33:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T13:08:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Rendering-of-Grand-National-Business-Park-in-Houston.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-to-bring-1-5-msf-logistics-park-to-houston\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-to-bring-1-5-msf-logistics-park-to-houston\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"Hines to Bring 1.5 MSF Logistics Park to Houston\",\"datePublished\":\"2018-07-30T12:33:56+00:00\",\"dateModified\":\"2022-12-08T13:08:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-to-bring-1-5-msf-logistics-park-to-houston\\\/\"},\"wordCount\":400,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-to-bring-1-5-msf-logistics-park-to-houston\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/07\\\/Rendering-of-Grand-National-Business-Park-in-Houston.jpg\",\"keywords\":[\"Cushman & Wakefield\",\"Hines\",\"Ivanhoe Cambridge\",\"Jim Foreman\",\"Oaktree Capital Management\",\"Palmer Letzerich\"],\"articleSection\":[\"Development\",\"Featured\",\"Houston\",\"Industrial\",\"Mixed Use\",\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-to-bring-1-5-msf-logistics-park-to-houston\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hines-to-bring-1-5-msf-logistics-park-to-houston\\\/\",\"name\":\"Hines to Bring 1.5 MSF Logistics Park to Houston - 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