Houston, TX – Under Phase II, PinPoint will begin the construction of a 315,000 sq. ft. spec distribution building, called Satsuma Distribution Center. This building will be tilt wall, with front load distribution, ESFR Sprinkler System, 30’ clear heights and equipped with approximately 70 doors. The building is designed to accommodate tenants who require 30,000 sq. ft. to 315,000 sq. ft. and will be designed to achieve LEED Silver Certification. Construction is to begin in August with a scheduled completion of Q1 2009
PinPoint is choosing to develop Phase II and master plan the remaining acreage at this time for a variety of reasons. In addition to the convenient location of Satsuma Station, the vacancies in the Northwest Submarket are low, and with industrial demand remaining strong as well as already receiving interest from prospective tenants, PinPoint feels like this is a great opportunity to start construction on the facility. Phoenix Capital, based in Dallas, will partner with PinPoint, and CB Richard Ellis will be the listing broker for the project.
Located on 115 acres near the intersection of Highway 290 and FM 1960, Satsuma Station Industrial park is located near several transportation corridors, including Beltway 8, Highway 290 and Highway 6, as well as the Union Pacific Railroad.
“This building has been carefully designed to meet the needs of the widest range of distribution tenant prospects in this market,” said David Toone, Principal, PinPoint Commercial. “A particular feature which sets our building apart from competitive projects is the extra land available for vehicle parking and product storage outside of the building,”.
“PinPoint Commercial has designed the perfect building, at the right time for Houston’s Northwest industrial market. While Satsuma Distribution Center works very well for smaller tenants around 30,000 square feet, it would be ideal as a regional distribution facility for national firms that are increasingly entering the Houston market,” adds CB Richard Ellis broker Gray Gilbert.
“Strong demand exists in Northwest Houston for an institutional quality distribution building like Satsuma Distribution Center,” added Andrew Scott of Phoenix Capital Partners, who will provide equity for Satsuma Distribution Center. “The location is excellent for both local and regional distribution and warehousing operations.
” Phase I development for Satsuma Station started when PinPoint was selected to develop a 243 door, 153,853 sf cross dock freight facility to FedEx Freight. Because of FedEx Freight’s continued growth and market expansion, it needed a market presence in the strategic industrial area of Northwest Houston. They found PinPoint Commercial’s Satsuma Station Industrial Park as an ideal location to fill this need.
The FedEx Freight facility will be one of the marquee projects within the park, encompassing over one third of the total acreage of the park. The expected completion date for the facility is November 2008.
“We are excited about continuing the momentum at Satsuma Station Industrial Park created by the FedEx Freight build-to-suit,” said John Thompson, President, PinPoint Commercial “As we lease up Satsuma Distribution Center, we will continue to develop the remaining 40 acres of land for additional distribution capacity, or we work with quality build-to-suit prospects as they occur.”
About PinPoint Commercial
Located in Houston, TX, PinPoint Commercial is a leading national development partnership that focuses its energy on making clients successful. Because their Principals average over 23 years of real estate and development experience and have created over $200 Million in industrial, retail and medical assets, PinPoint is able to leverage its Knowledge, Process, and Relationships to ensure the best possible results for its clients. PinPoint is also developing three industrial parks comprising over 500 acres of land in the greater Houston area. Strategically located in key industrial markets in and around Houston, Texas, Satsuma Station Industrial Park serves Northwest Houston, Port Central Industrial Park is located very near the Port of Houston’s ship container terminals, and Hobby Business Center is a transportation hub, for industrial products shipped to areas south of Houston. This inventory of fully developed land allows PinPoint Commercial to offer quality build-to-suit and design/build improvements quickly and economically.
About Phoenix Capital
Phoenix Capital Partners, Ltd. is a private, professional real estate investment company dedicated to identifying real estate investment opportunities for its Principals and investor partners. Phoenix Capital provides capital for commercial real estate projects throughout the United States to partners who are experienced, financially stable, and who have assembled well conceived, market driven real estate projects with whom we can build a long-term relationship to do multiple deals. Phoenix Capital is currently focusing on development projects including retail (anchored centers), mixed-use, single-family lot developments, multi-family/student housing/senior housing, office, and industrial projects.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), an S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2007 revenue). With over 29,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate offices). CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis is the only commercial real estate services company named one of the 50 "best in class" companies by BusinessWeek, and was also named one of the 100 fastest growing companies by Fortune. Please visit our Web site at www.cbre.com