Lincoln Property to repurpose north Houston eyesore Greenspoint Mall into industrial park
Lincoln Property Company is stepping up to redevelop the Houston-area Greenspoint Mall at 555 Seminar Drive...
Dallas-based Lincoln snapped up all the parcels that make up the 80-acre mall property and plans to redevelop the site into a 1.2 million-square-foot industrial development.
The $150 million development will be dubbed CityNorth Industrial Park, and will have rear-load and cross-dock warehouses to go along with retail and service uses, according to the Houston Business Journal. Lincoln Properties also owns the six-building office complex adjacent to the Greenspoint Mall. The office complex, named City North, previously featured Exxon Mobil Corporation, according to the outlet.
Industrial developments have been a point of strength in the Greenspoint real estate market. While markets like office space struggle with nearly 50 percent vacancy rates in the second quarter of this year, industrial properties in the North Houston District only sat at 5 percent vacant, according to the outlet.
The new CityNorth Industrial Park is set to be in proximity to industrial heavyweights. Across I-45, the Pinto Business Park boasts the warehouses Amazon, Sysco Corporation and Coca-Cola Southwest Beverages at the property, according to the outlet...
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