CONROE, Texas, September 15, 2022--(BUSINESS WIRE)--Lovett Industrial, the Houston-based real estate investment firm, and Cresset Partners, the North American real estate investment manager, started construction on NorthPort Logistics Center, a 1.2 million square foot, Class A logistics facility on approximately 75 acres of land located within Conroe Park North in Conroe, Texas. The groundbreaking was celebrated with a gathering at the site including remarks from The Honorable Jody Czajkoski, Mayor of the City of Conroe, and Charlie Meyer, President and Co-Owner of Lovett Industrial.
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Kyle Shannahan, Mike Jackson, and Dominic DeRose of Cresset, Charlie Meyer of Lovett Industrial, Jack Britton of JLL, Mike McAfee, and Edward Brady of Citizens. (Photo: Business Wire)
Charlie Meyer, President of Lovett Industrial stated, "Houston is the latest US logistics market to emerge into a true regional distribution hub, and we feel that Conroe is the best regional location in the greater Houston area for regional and national distribution requirements. Due to the dramatic growth that the port of Houston is experiencing we are seeing more port-related large format requirements than ever city-wide. Conroe is one of the fastest growing cities in the US, has a business friendly environment, and the location checks every box a major distributor would have relating to access, infrastructure, available incentives, and availability of labor. We are fortunate to be able to partner with the City of Conroe on this exciting project."
NorthPort Logistics Center will be a 1,224,498 square foot cross-dock building with a 40’ clear height, 8" reinforced concrete slab, 224 dock-high doors, 190’ truck courts, and at least 273 trailer parks, tenant dependent. Construction is set to be completed in Q2 2023. The project is located in the heart of Conroe Park North, a master-planned 1,655-acre business park that is home to more than 30 companies and 3,000 employees. The business park features newly constructed four lane roads, municipal utilities and direct access to three full interchanges on Interstate 45. Additional highlights include excellent proximity to a strong labor force, less than one hour drive to the port of Houston, and a central location with the ability to reach an estimated 28+ million people by truck within 24 hours.
Dominic DeRose, Director at Cresset Real Estate Partners stated, "This is a project we are very excited about. We’ve partnered with Lovett Industrial because of their dedication in developing projects that simultaneously satisfies current demand in the logistics space, while also considering long-term growth for the Houston area. We look forward to breaking ground on this project and hope for more to come."
NorthPort Logistics Center is Lovett Industrial’s eighth industrial development in the greater Houston area; other projects include NOVA Logistics Park, Nexus North Logistics Park, Fort Bend Business Park, Fairway North Logistics Park, 99 North Logistics Park, 610 Business District, and Interchange 249, which comprise approximately 11,500,000 square feet of completed or potential space. Lovett Industrial currently is active in 6 additional markets across the U.S. and has more than 7 million square feet of projects currently under construction companywide.
Marketing and leasing efforts for NorthPort Logistics Center will be exclusively handled by Nathan Wynne, Jason Dillee, and Ed Frantz of CBRE. Construction financing is being provided by Citizens. Alston Construction is the General Contractor, Powers Brown Architecture is the lead architect, and local-to-Conroe Bleyl Engineering is serving as the project’s civil engineer.
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 7 markets across the United States, Lovett Industrial’s portfolio consists of approximately 7 million square feet of warehouses under construction 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 www.lovettindustrial.com.
About Cresset Partners:
Cresset Partners is a private investment firm focused on providing its investors with direct access to investment opportunities in private companies, real estate, private credit, private equity secondaries, and venture capital. We focus on building outstanding, lasting partnerships by investing long-term capital, resources, and expertise to create sustainable value. We believe that long-term investing creates better alignment and reduces risk and inefficiencies, leading to better outcomes for all shareholders. Cresset Partners was founded in 2018 and has more than $2.3 billion in commitments across real estate, private equity, private credit, and venture capital. Learn more at https://cressetpartners.com.
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