Industrial, Single-Family Set to Take Over
We’ve seen an unbelievable amount of office and multifamily development this cycle. But based on the latest wave of land sales, industrial and single-family residential will dominate soon. Caldwell Cos’ land team--Daniel Greco, Clay Roper, and SVP Keith Edwards—tell us there’s been an uptick in land transactions overall, thanks to banks lending again, and users taking advantage of the SBA program. Industrial and residential deals are the lion’s share of activity, and Keith thinks they’ll stay strong for the next 24 to 36 months. The residential sales are often quite large, like the 795 acres Caldwell just closed on Lake Houston. (It won’t be developed immediately, but future users will enjoy three miles of lake frontage.) The team also sold 53 acres on Telge Road to a residential buyer.
Northwest Houston (and even farther out in that direction) has really been booming, thanks largely to incentives offered by places like Waller. Keith, Clay, and Daniel recently closed 168 acres for a mixed-use residential and industrial development, and a 174-acre tract fronting both old and new 290 will become an industrial park. Also in Northwest Houston, the team just sold 37 acres on Cypress North Houston, just off of 290.
Of course, not every deal is industrial or residential; the Caldwell gents just handled the sale of 1.6 acres at the corner of Reflection Bay and Shadowcreek in Pearland for a 12k SF clinic. The buyer is using SBA money, and joining a wave of medical development in Pearland.