(TOMBALL) – Lovett Industrial, the Houston-based real estate investment firm, and Clarion Partners, the global real estate investment manager, have started construction of Interchange 249, a 240-acre Class A industrial business park consisting of more than three million square feet within ten buildings located at the southwest corner of Highway 249 and Rocky Road. The groundbreaking was celebrated with a gathering at the site including remarks from The Honorable Gretchen Fagan, Mayor of the City of Tomball, and Charlie Meyer, President and Co-Owner of Lovett Industrial.
Charlie Meyer, President of Lovett Industrial stated, “This is a landmark project for the city of Tomball, we are incredibly grateful for the support we have received from city staff, the city council and Mayor Fegan. We intend to deliver a project that we can all be proud of and one that will be a major economic generator for this area for years to come.”
Interchange 249 will be a three-phase project with Phase I consisting of four buildings totaling approximately 1.9 million square feet, 48% of which is pre-leased to Macy’s, Inc. Phase I is set to include four buildings: a 908,853 square foot build-to-suit cross dock, a 746,246 square foot cross dock, a 138,375 square foot front load, and a 98,400 square foot rear load. The Phase I buildings will feature 32’-40’ clear heights and 577 trailer parks; construction is set to be completed in Q1 2023.
“We are excited to kick off this master planned business park and excited to have Macy’s as the first tenant at Interchange 249,” said Clarion Partners Vice President of Acquisitions Payson MacWilliam. “We look forward to working with Lovett and the City of Tomball on the future development.”
The business park enjoys a highly visible and accessible location in the northwest quadrant of the Houston area and features approximately one mile of frontage along the Grand Parkway. The site has direct access to both the Grand Parkway and Highway 249, allowing for efficient regional and local distribution. Additional qualities include excellent proximity to a high-quality labor force, and a central location within an area that is experiencing unprecedented residential and commercial growth.
“We look forward to joining the Tomball community and welcoming our colleagues into the new fulfillment center in 2023,” said Stacy Bobbitt, Macy’s Inc.’s Houston facility leader. “Our continued investment and expansion in the Houston area reflects the hard work of our exceptional colleagues serving our valued customers at our current facility.”
Interchange 249 is Lovett Industrial’s seventh development in the greater 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 8,500,000 square feet of completed or potential space. Lovett Industrial currently is active in 5 additional markets across the U.S. and has more than 5 million square feet of projects currently under construction company-wide.
Marketing and leasing efforts for Interchange 249 will be exclusively handled by Jim Foreman and Allison Bergmann of Cushman & Wakefield. Harvey Builders is the General Contractor for the Macy’s Build-to-Suit, Powers Brown Architecture is the lead architect, and Kimley-Horn is serving as the project’s civil engineer.
About Lovett Industrial:
Founded in 2020 and based in Houston, Texas, Lovett Industrial is a privately held vertically integrated logistics real estate investment platform that seeks to develop and acquire industrial real estate assets that are differentiated by their quality, location, and functionality. Currently active in 6 markets across the United States, Lovett Industrial’s portfolio consists of approximately 7.6 million square feet of completed and under construction warehouses and in excess of 10 million square feet of warehouses planned for future development. Lovett Industrial’s founders have combined over 60+ years of experience in the commercial and industrial real estate sectors. For more information, please see our website at https://lovettindustrial.com/site/.
About Clarion Partners:
Clarion Partners, LLC, has been a leading real estate investment manager for more than 39 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With $71 billion in total real estate and debt assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to 500 institutional investors across the globe. More information about the firm is available at www.clarionpartners.com.