Development acquisition ideal for employers in Northwest Houston

King said the large master-planned communities such as Bridgeland and Fairfield feeding into Hwy. 290 will continue to complement the growth of company and land development. King said the NorthWest acquisition is one of the most important land development and design for industrial users in the Cypress area.

Designated as the Beltway Crossing NorthWest development, the location can accommodate built-to-suit and speculative projects. King said the strategy of the acquisition is to provide a premier distribution center in Cypress. Panattoni Development is in deliberations with prospective companies, but King could not comment on which companies.

The joint venture with LaSalle Investment was fast tracked in a two-month deliberation process earlier this year, King said. With the acquisition final in July, the distribution park is expected to handle multiple users of 500,000 square-feet. King said construction on the three 650,000-square-foot buildings is expected to be complete in spring 2014.

King said the development will continue the business expansion the Cypress area has experienced.

"Our interest in delivering a product as a reflection of our belief that Northwest Houston is going to experience exponential growth," he said.