JLL to lease class A buildings located in the greater Southwest Houston submarket
STAFFORD, Texas – Feb. 26, 2024 – JLL announced today that Lovett Industrial, the Houston-based real estate investment firm and PCCP, LLC, a national commercial real estate investment firm, have recently broken ground on Stafford Logistics Park. The park, located in the Greater Southwest Houston submarket, will encompass two class A industrial buildings, totaling 785,000 square feet.
Stafford Logistics Park will feature a 520,000-square-foot cross-dock warehouse and a 265,000-square-foot front-load warehouse, with 36’ and 32’ clear heights, respectively. The Park will accommodate 190 trailer parking spaces and 380 auto parking. Both warehouses are speculative and actively fielding requirements for tenancy.
“Southwest Houston is one of Houston’s premier logistics submarkets with impressive growth fueled by a consistently unsatisfied tenant demand for industrial space,” said Austin Rios, Director with Lovett Industrial. “We believe we will deliver one of the few remaining projects of this scale in the immediate area and believe that future tenants will benefit from the deep labor pool, business-friendly environment and excellent location. We are fortunate to work with the City of Stafford to bring further growth and improved public infrastructure to the City.”
As one of the last remaining land assemblages of this size within the City of Stafford, Stafford Logistics Park is strategically located to allow quick access to major thoroughfares of Beltway 8/Sam Houston Tollway, Highway 90 and Highway 59 servicing both local and regional customer bases. Tenants of the Park also stand to benefit from triple freeport tax exemptions and no property taxes under the City of Stafford.
“PCCP is pleased to partner with Lovett Industrial, an experienced local industrial developer, on another project together,” said Brad Hartstein, Originations with PCCP. “We believe the strategic location within Houston and the tight submarket will lead to favorable logistic fundamentals and demand over the next several years.”
Marketing and leasing efforts for the park will be exclusively handled by JLL’s Jarret Venghaus, Executive Vice President, and Jordan Raney, Senior Vice President. Construction financing is being provided by Simmons Bank. Burton Construction is the general contractor, MORE Architecture is the lead architect and ALJ Lindsay is serving as the project’s civil engineer.
“The combination of state-of-the-art facilities, tax advantages and a convenient location near major highways positions Stafford Logistics Park as an ideal choice for tenants. We are excited to assist Lovett Industrial and PCCP in finding the right tenants who will thrive in this dynamic environment,” added Venghaus.
Stafford Logistics Park is Lovett Industrial’s ninth industrial development in the greater Houston area. Other projects and acquisitions include 99 North Logistics Park, NOVA Logistics Park, Fort Bend Business Park, Fairway North Logistics Park, Interchange 249, Nexus North Logistics Park, 610 Business District, Northport Logistics Park and the Claymoore Portfolio, which comprise over 7.8 million square feet of completed, under construction or acquired space. Lovett Industrial currently is active in 7 additional markets across the U.S. and has approximately 7 million square feet under construction companywide.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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 8 markets across the United States, Lovett Industrial’s portfolio consists of approximately 14.7 million square feet of completed, acquired, 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/.
About PCCP, LLC:
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $23.1 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 25-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $39.7 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
Contact: Lily Aguilar
