DEAL OF THE WEEK
Hines keeps building up its industrial portfolio across the area
Hines will break ground on an expansion of the recently acquired Underwood Distribution Center in La Porte as it finishes up its latest addition to the Beltway Southwest Business Park on the city’s southwest side.
The Houston-based global real estate firm established a presence near Port Houston with the purchase of a five-building logistics park totaling 2.2 million square feet near Old Underwood Road and Texas 225 from BlackRock.
It will break ground in the second quarter on a 167,000-square-foot distribution building at 10025 Porter Road to be completed by year-end. Two development sites remain in the park, which is being rebranded as Independence Logistics Park.
Hines has been ramping up its industrial portfolio in the southwestern United States, including a number of projects in the Houston area.
Since buying 75 acres at Beltway 8 and Fort Bend Toll Road in 2015, Hines has completed 740,000 square feet of buildings in the Beltway Southwest Business Park. It will complete a 112,500-square-foot building in the second quarter.
Hines has developed 1.6 million square feet of industrial space in Pinto Business Park near Beltway 8 and Interstate 45 in north Houston.
It also acquired a 440,000-squarefoot property in east Houston leased to AFGlobal.
“With Pinto Business Park in the north, Beltway Southwest in the southwest and now Independence Logistics Park in the southeast, we are happy with our continued growth in Houston,” Charlie Meyer, Hines managing director, said in an announcement.
Independence Logistics Park, with buildings developed between 2005 and 2009, is 100 percent leased. Tenants include CRC, DNow, GIS, Northern Safety, Packwell and PolyOne.
Randy Baird, Judd Clements and Jim Foreman of Cushman & Wakefield represented Black Rock in the sale. Billy Gold, Gray Gilbert and Jeff Everist at CBRE will continue to provide leasing services.
Elsewhere, Hines is developing 1.4 million square feet of industrial projects in Dallas. It acquired 1.5 million square feet of industrial space in Phoenix last year.