Levey Group buys land for major Pearland industrial project



Several speculative warehouse developments are underway for the lower Kirby district of Pearland, including one that could eventually house the tallest building in town.

Lower Kirby, a 1,200-acre mixed-use neighborhood at the southwest corner of Texas 288 and Beltway 8, has a Bass Pro Shops, light manufacturing and technology research campuses, and other planned developments that could bring retail, residential and hospitality components.

In the northwest portion of the district, Houston-based Levey Group has purchased 38 acres near South Sam Houston Parkway (Beltway 8) and Almeda School Road as the site for Levey Logistics Park, a two-building project totaling approximately $650,000. square feet. Based on preliminary plans, one building would contain 165,000 square feet and the other would span 485,000 square feet, an area large enough to house eight football fields under one roof. The project is expected to start in the fourth quarter of 2023.

“We believe this will be Pearland’s largest logistics development,” said John Wilson, regional director of development and acquisitions for Levey Group.

The buildings, which will be developed on a speculative basis before finding tenants, will target distribution/logistics/warehousing tenants and can be configured to house one or more businesses, Wilson said. The site was purchased from Sterling Bridger Industrial, which was represented by Paul Dominique, Jon Lindenberger and Jason Tangen of Colliers.

RELATED: The Levey group partnership starts an industrial project of 5 buildings

Levey Logistics Park is the latest of three proposed speculative industrial developments in the Lower Kirby district, which has 1 million square feet of developments on the land and as many in the planning stage, according to Matt Buchanan, chairman of Pearland Economic Development Corp. Brennan Investment Group and Adkisson Development Group also have projects underway.

The industrial projects will diversify the neighborhood and broaden the tax base of Pearland, a fast-growing suburb south of Houston that has been dominated by residential and commercial growth, Buchanan said.

Demand for industrial buildings in the Houston area has reached record highs since the pandemic, with retailers and third-party logistics companies leading the growth. Construction in the Houston area hit a record 22.5 million square feet in the third quarter, according to commercial real estate firm JLL.

RELATED: Real Estate Transactions: Pulte Homes Purchases Land for Montgomery Community

Lower Kirby is home to several manufacturers, including a 300,000 square foot building for biotech company Lonza. It will host Houston-based medical device maker Millar next year.

While there are many large-scale industrial buildings along Beltway 8 south and Texas 288, including a nearby Amazon warehouse, few are within Pearland’s city limits.

The Levey Logistics project would be a contender as Pearland’s largest building, Buchanan said. To put size into perspective, Pearland’s largest office building is the neighboring administrative headquarters of the Kelsey-Seybold Clinic at 170,000 square feet. Pearland Town Center has 1 million square feet, but it is spread over several buildings containing commercial, residential, office and hotel space.

Other Levey Group industrial developments along Beltway 8 include the business center at Five Corners, a 546,000 square foot project less than two miles from the Pearland site.

Source link


Comments are closed.