A three-phased Class A industrial business park project named Interchange 249 in Tomball, Texas will be developed, through a joint venture between the Houston-based Lovett Industrial real estate firm and Clarion Partners, a global leader in real estate investment management.
The companies recently broke ground on the first phase of the Interchange 249 business park, and all those associated with the project, including the Tomball Mayor, Gretchen Fagan were gathered at the project’s site.
Lovett Industrial’s President, Charlie Meyer expressed his gratitude for the support provided by the city staff and he declared that the new business park would become a landmark and a major economic generator in the city of Tomball for several years to come.
Scope of the Interchange 249 Park project
The Interchange 249 business park will be the seventh industrial location of Lovett Industrial in metro Houston and this development will take place on a 240 acre-site located around the southwest corner of Rocky Road and Highway 249.
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The initial phase of this project involves construction work on a 1.9 million-square-foot portion of the site, which is expected to be rounded up by Q1 of 2023. A US$ 60M mortgage for a two-year duration, was also provided by Clarion Partners to support the project.
The works will include the construction of four industrial buildings spanning 1.9 million square feet of space. The 4 buildings will consist of one 908,853 square foot cross-dock facility, which will be developed as a build-to-suit structure; a 138,375 square foot front-load facility; a 746,246 square foot cross-dock; and a 98,400 square foot rear-load facility. All buildings of this phase will offer 577 trailer parking spaces, clear heights ranging between 32 and 40 feet, and ESFR sprinklers systems.
Development team
Other companies involved in the development of the Interchange 249 business park project include Powers Brown Architecture, serving as the lead architect; Kimley-Horn as a civil engineer; and Harvey Builders who has been contracted as the general contractor for the Macy’s Inc. facility, which is the component’s first tenant with a signed pre-lease agreement.
Cushman & Wakefield have also been selected by the developers to market the business park.
