A Houston-based developer and investor recently broke ground on its first project since before the oil slump.
Finial Group, a commercial real estate firm that focuses on all sectors, started Independence Business Park on a speculative basis, Finial Group’s CEO Keith Bilski told the Houston Business Journal. The multiphase industrial park on McHard Road near Beltway 8 will eventually offer 145,185 square feet of industrial space and be comprised of several buildings; the park’s first two buildings should deliver in the third quarter of 2019.
Houston-based Seeberger Architecture is the architect on the project, and Houston-based SPD Construction is the general contractor. Houston-based Pape Dawson Engineers Inc. is the civil engineer.
Finial Group is developing the project alongside Houston-based Senterra, a real estate holding company. Finial Group and Senterra purchased the 18.95-acre tract earlier this year from Tulsa, Oklahoma-based SemGroup Corp., an oil and gas company.
Bilski said Finial Group has focused primarily on investment opportunities rather than developments since the oil slump. The company’s now open to developing new industrial product throughout Houston, he said.
“We’re seeing some opportunities in certain submarkets,” Bilski said. “Certainly not everywhere, but in certain submarkets.”
Demand for industrial space is hot in Houston, and developers are taking notice. In October, Stonelake Capital Partners closed on a 238,125-square-foot industrial property at 3401 Navigation in the East End that the company is actively marketing to distribution, light manufacturing and e-commerce tenants. And Houston-based Triten Real Estate Partners broke ground on two buildings totaling more than 330,000 square feet at Bayport North Industrial Park.
In September, Houston-based Archway Properties and Atlanta-based Ridgeline Property Group were expected to break ground on a 685,400-square-foot speculative warehouse and distribution center at State Highway 59 and Will Clayton Parkway in Humble. The 685,400-square-foot building will offer 40′ clear ceiling heights and is two miles away from Bush International Airport.