Crow Holdings Industrial To Develop 530K SF Spec Industrial Development In North Houston
More spec industrial development is on the way.
Dallas-based Crow Holdings Industrial acquired a 45-acre lot in Greens Crossing Business Park in the North Houston submarket. Dubbed Layne Crossing, the 530K SF industrial spec development will break ground in January with the delivery set for Q4 2019.
“The addition of Layne Crossing to our portfolio exemplifies Crow Holdings Industrial’s commitment to developing quality assets in strategic locations," Crow Holdings Managing Director Cory Driskill said. He and Travis Covington represented Crow Holdings Industrial in the land acquisition. "Layne Crossing offers multiple points of access to two major freeways, excellent branding opportunities with frontage on Beltway 8 and I-45, and the opportunity for companies to locate their business in a high quality, well-maintained business park.”
The project will feature six industrial warehouse buildings ranging from 56K to 174K SF. It will include two front load buildings, two rear load buildings, one cross-dock building and one side load building. Features include large truck courts, trailer storage and clear heights from 24 to 32 feet.
“With a variety of building configurations and sizes, Layne Crossing will be a flexible development that can accommodate and support users from any number of industries,” JLL Senior Vice President Richard Quarles said. Quarles and JLL's Bubba Harkins represented the land seller, Dallas-based Sarofim Realty Advisors. Quarles, Mark Nicholas, Geoff Perrott and Joe Berwick will lease the project for Crow Holdings.
New construction deliveries hit a two-year high at 4.5M SF for the third quarter, according to NAI Partners' Quarterly Industrial Report released Thursday. There is almost 10M SF under construction and 700K SF due to break ground this month.
Houston noted a slight increase in industrial vacancy last quarter as the development boom roars on. The overall citywide industrial vacancy rate rose to 5.7% in Q3, a 40-basis-point jump quarter over quarter and 50 basis points year over year.