The Katy area will soon be home to another industrial facility.
Houston-based developer Mars Properties LLC and general contractor Houston-based LaGrone Services Ltd. broke ground Aug. 20 on High Point West, according to a press release from Los Angeles-based CBRE Group Inc. (NYSE: CBRE), whose Houston office is handling the marketing and leasing. Investment costs were not disclosed.
The Class A, 89,440-square-foot industrial distribution center will be on 7.25 acres at 1039 Schlipf Road and is expected to be complete by spring 2019, per the release. It includes a 2,000-square-foot office area, 32-foot clear height, heavy power capabilities and access to controlled truck courts, per leasing materials. Houston-based Powers Brown Architecture is the architect for the project.
According to Waller County Appraisal District records, the 7.25-acre site at 1039 Schlipf Road has no buildings on it and has a 2018 market value of $394,880.
The property’s owner is listed as Petro-Guard Company Inc., which has an office at 2450 Fondren Road, suite 105, per WCAD. The company purchased the parcel in March from Weatherford Artificial Lift Systems LLC, a division of Weatherford International PLC (NYSE: WFT). Petro-Guard Production LLC President Mark Stringer confirmed that the company purchased the property in March, and that it owns other properties in Houston through affiliated entities.
David Marshall, principal and co-founder of Dosch Marshall Real Estate, told the Houston Business Journal in a recent interview that his firm is seeing a lot of activity in the Katy area. He also mentioned that the industrial sector is a hot market.
“The industrial sector is strong right now, and we had a meeting with an industrial developer last week, and his comment was about how hard it is to find land at this point,” he said.
Earlier in September, Chevron Corp. (NYSE: CVX) sold a 103-acre tract of land in the Katy area. The new owner plans to develop a five-building, 1.39 million-square-foot industrial property on 77.9 acres of the land.