Chicago-based Logistics Property Co. broke ground on a build-to-suit warehouse for a Fortune 50 tenant at its 98-acre CityPark Logistics Center in Missouri City.
Logistics Property Co. is an industrial real estate company focused on the acquisition, development, and management of modern logistics properties.Chicago-based Logistics Property Co. has started construction on the fourth industrial building within its 98-acre CityPark Logistics Center in Missouri City after securing a lease from an undisclosed Fortune 50 tenant. The 151,200-square-foot build-to-suit warehouse will be completed in mid 2023.
CityPark Logistics Center contains three recently completed buildings totaling 454,000 square feet at the northwest corner of Beltway 8 and U.S. 90.No tenant? No problem. Million-square-foot 'spec' industrial buildings are popping up across Houston. “We are pleased to kick off a long-term relationship with an industry leader within this strategic location,” said Mark Redlingshafer, vice president and senior development manager, South Region, at Logistics Property Co.
With the addition of the build-to-suit, City Park consists of five tenants and is approximately 75 percent leased, according to Logistics Property. Next, the company expects to begin construction on a speculative, 215,000-square-foot building at CityPark in 2023. The building is being marketed for lease. The park's final phase, with frontage along Beltway 8, will accommodate 600,000 square feet and is being marketed as a build-to-suit.
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