New master-planned business park will bring 2.2 million square feet of distribution space to Katy
International real estate investment firm Hines will build a new 150-acre business park called Pintail Crossing at the northwest corner of I-10 and Igloo Road within three years.
International real estate investment firm Hines announced in early May it will develop a 150-acre business park, Pintail Crossing, at the northwest corner of I-10 and Igloo Road.
The master-planned business park lies between the Amazon and Igloo distribution centers and upon completion, will be able to accommodate up to 2.2 million square feet of distribution space, according to a press release from Hines.
“Over the past several years, we have seen the far west I-10 corridor emerge as a vibrant logistics submarket, with some of the largest user footprints in the Houston MSA locating there,” Hines Managing Director Charlie Meyer stated in the release. “The location offers access to Texas’ major population centers and proximity to a high-quality labor pool.”
Meyers said Hines also chose the Katy location because it provides an ideal spot for serving multiple Texas markets, such as the Greater Houston area, San Antonio and Austin.
Leasing services for the park were awarded to Boyd Commercial LLC.
“We are excited to combine Hines’ build-to-suit track record with a well-located, flexible property that has the unique ability to offer tenants and users highly flexible configurations, with buildings ranging from 100,000 square feet to 1.2 million square feet,” Principal Andrew Sowell said in the release.
Meyer said Hines expects to break ground on the business park development before the end of the year. He said the park will be fully built out within the next three years. Although there is significant interest from potential tenants, no preleases have been secured as of late May, Meyer said.
“We are targeting build-to-suits and [are] currently in discussions with several tenants,” Meyer said.