PRESS RELEASE: Standard Real Estate and IDV to DevelopMajor Infill Industrial Project in Houston, TX
463,000-SF Speculative, Class A Industrial Park Represents First Development for Standard Real Estate’s Investment Vehicle in Partnership with IDV
Standard Real Estate Investments, LP (Standard), a national real estate investment and development firm with offices in Los Angeles and Washington, D.C., is making an equity investment to develop Veterans Memorial Business Park, a 463,000-square-foot industrial park in partnership with Investment & Development Ventures LLC (“IDV”). The rare infill site is located at 10326-10330 Veterans Memorial Drive in Northwest Houston, TX with construction anticipated to begin by Q4 2024.
“We are grateful for the opportunity to partner with IDV and thank JLL for connecting us,”said Robert Jue of Standard. “IDV is a world class organization with deep local capabilities and an exceptional team. We are excited about Veterans Memorial and hopeful that it is the start of a long and productive relationship.”
Strategically located near the intersection of Beltway 8 and Veterans Memorial Drive and less than 10 miles from George Bush Intercontinental Airport, Veterans Memorial Business Park will consist of three speculative front load, Class A industrial buildings. The state-of-the-art buildings will be 219,000 square feet, 151,000 square feet and 93,000 square feet, have 32’ clear heights and are designed to accommodate tenants as small as 46,000 square feet. The site offers convenient access to Beltway 8 and Interstate 45 with ingress/egress onto Veterans Memorial Drive.
“Houston’s industrial market has been on a steady growth trajectory representing one of the strongest markets in the nation with solid occupancy and consistent demand,” said Tim Harrington of IDV. “We believe this project brings a rare opportunity to deliver shallow bay, infill product to meet this growing demand and are thrilled to have a partner like Standard to make this project a reality.”
Recently, Standard invested in a number of industrial projects including a 180,000 sq.-ft industrial facility in Reno, NV with Mohr Capital and partnered with Trammel Crow Company on the development of the Apopka Business Center in Orlando and a 17-acre parcel in the Village of Woodridge, IL. Standard is targeting transactions with a preference for shovel-ready warehouse/logistics properties of approximately 150,000-500,000 square feet in major logistics markets nationwide.
Standard is a national allocator of development capital, operated by a leadership team that previously invested in over $8 billion of assets. The company also has a direct operating platform focused on workforce housing nationwide.