A new industrial development is coming to Waller County.
A joint venture of Parkside Capital and Vigavi, two Houston-based real estate investment firms, closed on the purchase of a 178-acre property in Prairie View last month, the Houston Business Journal reported. The property, located at State Highway 290 and James Muse Parkway, sold for an undisclosed amount, according to Colliers, which represented the buyers.
The joint venture plans to develop 2.5 million square feet of warehouses on the Prairie View property, which will be called Tradepoint 290.
“We’ll have conversations with Fortune 500-type users that will typically use large space and offer great opportunities there for large distribution facilities and large spaces of storage,” founder and managing principal at Vivagi, Luis Villarreal, told the outlet.
The project will be developed adjacent to the 587-acre Beacon Hill mixed-use community just outside the city of Waller, which Houston-based Wolff Companies is developing. Beacon Hill includes commercial, industrial and residential lots.
When Wolff first began work on Beacon Hill, the area around it wasn’t popular with developers. Since the project began in 2018, Houston-based Long Lake Ltd. bought 270 acres to develop a residential community, and Hines bought 78 acres for an industrial development.
“We know that this level of activity — and our long-term track record — tends to attract other developers to an area,” David Wolff, chairman and president of Wolff Companies, told the outlet. “We welcome this, as ‘a rising tide raises all ships.’”
Parkside and Vigavi previously worked together on developing 35 acres of the West Ten Industrial park in Katy.
Waller County has two other industrial projects currently underway. The Avera Companies is building the 1.3 million-square-foot 290 Grand Logistics facility at Highway 290 and Kermier Road. And Pagewood has a 500,000-square-foot distribution center underway at Highway 290 and FM 2920.
Read more
Development
Texas
Texas’ pro-biz policies lure another manufacturer
— Victoria Pruitt