Big Plans Taking Shape for 110 Acres
Parkside Capital Land Fund plans to turn a 110-acre parcel in West Houston into a deed-restricted business park offering sites for industrial, office and retail use.
Parkside is developing a master plan with areas for flex/industrial buildings along Park Row and office and retail buildings fronting Interstate 10. It will begin making improvements such as putting in roads, drainage systems and landscaping early next year. The yet-to-be-named project isat the northeast corner of Mason Road at Interstate 10.
“We believe with the development of the flyovers at the Grand Parkway that this kind of becomes the next great commercial site in West Houston,” said Joe Moody, Chief Investment Officer of Parkside Capital, the general partner of Parkside Capital Land Fund.
The entire development could contain 3 million square feet when completed, Moody said. As one aspect of the project, Parkside envisions parcels that could accommodate two-or three-story office buildings with 130,000 square feet for one or more occupants.
“The market conditions are improving pretty rapidly,” Moody said. “Companies are talking about expansions, and we’re seeing deals again.”
Parkside is negotiating with potential buyers in deals that are subject to completion of infrastructure work.
Bill McDade, Kristen McDade and Peter Mainguy of CB Richard Ellis represented the seller, Mason I-10, an affiliate of real estate developer Ali Ebrahimi. Ed Cummins of Croswell Torian also assisted the seller. The CB Richard Ellis team will also help Parkside with marketing the project.
Parkside Capital Land Fund was developed in 2007 and began buying properties in 2008.
Among its other projects in the works are the Bay 10 Business Park in Baytown and West Ten, a 470-acre business park along Interstate 10 and U.S. 90 in west of the Grand Parkway in Katy.