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Brennan Investment Group has purchased an approximately 11-acre lot in Houston for the development of a 157,300-square-foot industrial building. Wintrust Bank originated an $11 million construction loan, according to Harris County public records. There is an existing, 135,030-square-foot Class B property on the site that was built in 2007, according to CommercialEdge data, which lists the property owner as CVS Health Corp.
The acquisition is part of the company’s strategy of investing in high-quality commercial properties across the U.S., Managing Principal Troy MacMane at Brennan said in prepared remarks. Chief Investment Officer & Managing Principal Scott McKibben added that the company’s ongoing strategy of investing in the Houston area has been influenced by the metro’s growing demand for industrial product.
Plans for the site call for a Class A, rear-load building that will feature 32-foot clear heights, trailer parking spots and ESFR sprinkler systems. Located at 500 N Sam Houston Parkway W, the project, which will have a 225-foot building depth, will have single or multi-tenant occupancy.
The development site is close to Beltway 8 and to Interstate 45, 8 miles from George Bush Intercontinental Airport, 15 miles from downtown Houston and within 32 miles of Sugar Land, Texas. With pre-leasing activities currently underway, the project is scheduled for completion in the third quarter of 2024.
In December 2022, Brennan announced plans for another Houston-area industrial project with the purchase of a 12-acre site in Pearland, Texas, where it plans to build a 216,004-square-foot Class A industrial facility, also designed for both single and multi-tenant occupancy.
