TOMBALL, TEXAS — A partnership between Houston-based developer Lovett Industrial and New York City-based investment manager Clarion Partners has broken ground on Interchange 249, a 3.1 million-square-foot development in the northern Houston suburb of Tomball.
Interchange 249 will consist of 10 buildings on a 240-acre site at the intersection of State Highway 249 and Rocky Road that will be developed across three phases. Macy’s has already committed to leasing 48 percent of Phase I, which will consist of four buildings totaling 1.9 million square feet.
These buildings will feature 32- to 40-foot clear heights and combined parking for 577 trailers. Completion of Phase I is slated for the first quarter of 2023.
The development features approximately one mile of frontage along Grand Parkway. The site has direct access to both Grand Parkway and Highway 249, allowing for efficient regional and local distribution. Additional advantages include proximity to Houston’s labor force and a central location within an area that is experiencing unprecedented residential and commercial growth, according to the developers.
Powers Brown Architecture is designing Interchange 249, and Kimley-Horn is the civil engineer. Harvey Builders is serving as the general contractor, and Cushman & Wakefield has been tapped as the leasing agent.
Interchange 249 is Lovett Industrial’s seventh development in its hometown Houston area. Other projects include NOVA Logistics Park, Nexus Logistics Park, Fort Bend Business Park, Fairway North Logistics Park, 99 North Logistics Park and 610 Business District, which comprise approximately 8.5 million square feet of space. Lovett Industrial currently is active in five additional markets across the United States and has more than 5 million square feet of projects currently under construction.
With $71 billion in total real estate and debt assets under management, Clarion Partners offers real estate strategies to 500 institutional investors around the world.
— Jeff Shaw