A Georgia-based logistics firm is set to more than double its presence in Texas with a massive lease at an industrial development in Conroe.
BroadRange Logistics has inked a deal with Lovett Industrial and Cresset Real Estate Partners to lease the entire 1.22 million-square-foot NorthPort Logistics Center, marking the largest lease at a speculative industrial development in Greater Houston’s history, the Houston Business Journal reported.
CBRE’s Nathan Wynne, Jason Dillee and Ed Frantz represented Lovett and Cresset, while Strategic Real Estate Partners’ Russell Hofstetter represented BroadRange in the lease negotiations.
Construction started on the $20 million facility, at 1375 Conroe Park West Drive, in September 2022 and was completed in the first quarter of this year. By June, Houston-based developer Lovett and Chicago-based investment advisory firm Cresset had already started discussions with BroadRange, leading to a signed agreement just three months later.
“They had a requirement, and we had a building,” Cresset Managing Director Dominic DeRose said, noting that the company wasted no time after the lease was signed. “We signed the lease on a Friday, and they started moving in on Tuesday or Wednesday the following week.”
The lease tripled the company’s Texas footprint, which also includes a 648,000-square-foot warehouse at 10100 West Lake Houston Parkway in Generation Park.
“We’re seeing significant tailwinds in our industry, including the trend toward reshoring,” BroadRange CEO Ari Milstein said. “And this expansion allows us to capitalize on these opportunities while meeting the growing demand for flexible warehousing and distribution.”
The deal marks the second industrial lease in Houston for over 1 million square feet, joining a handful of similar transactions across the region. The only lease larger than this one was Medline Industries’ 1.3 million-square-foot build-to-suit warehouse completed in Katy in 2020.
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The location of NorthPort Logistics Center, just off Interstate 45 north of Houston, was pivotal to landing BroadRange as a tenant, said Lovett Industrial president Charlie Meyer.
This is the second collaboration between Lovett and Cresset, following their work on the Wiley Business Center near Dallas. They have additional joint projects in the pipeline, including several in Houston.
— Andrew Terrell