Houston, TX, October 9, 2017 – Atlanta-based Oakmont Industrial Group has acquired a 42–acre land parcel in West Ten Business Park from Parkside Capital and has commenced construction on Oakmont West 10, a 673,785 square foot spec warehouse scheduled for completion in July 2018. Oakmont is developing the state-of-the-art building in a strategic national partnership with Pacolet Milliken Enterprises. Capitalizing on the strengthening US logistics sector driven by e-commerce, Oakmont and Pacolet are targeting core US markets with strong long-term fundamentals.
West Ten Business Park is a 472-acre deed restricted, master-planned business park. Located in the logistics hub of the West Houston industrial submarket, the park has immediate access to I-10 via the newly constructed Cane Island Parkway and is only four miles from the Grand Parkway / Hwy 99 interchange. This strategic West Houston location provides future Oakmont tenants with the ability to access rooftops in Houston, Austin (135 miles), and San Antonio (167 miles), servicing a total population of over 10 million people between these three MSAs and a population of 16 million people within a 200 mile radius.
John Simons and Holden Rushing with NAI Partners brokered the land sale and will represent Oakmont in leasing the facility.
Tom Cobb, Oakmont’s Senior Vice President noted, “We believe Oakmont West 10 will lead the market in quality and function. We are bullish on the Houston industrial sector, and our partnerships with the business friendly City of Katy and Waller County provide the necessary incentives to win business with future tenants on a regional basis.” Mr. Cobb continued, “The West Houston/Katy submarket is proven and will offer our prospective tenants synergies with top tier companies located in the immediate area.”
Oakmont West 10 will be constructed to meet the requirements of modern e-commerce and sophisticated distribution users. Oakmont West 10 will include 36’ minimum clear height, cross dock loading, 56’ wide column spacing, 70’ deep loading bays, ESFR sprinkler system, and LED warehouse lighting. The building will be divisible for multiple tenants and will also feature wide circulation drives providing significant on-site truck queuing, ability to separate truck and auto flow, generous 190’-245’ deep truck courts, and dedicated parking for 691 automobiles and 256 trailers. Oakmont West 10 will also offer site flexibility to park in excess of 1,000 autos, often a requirement of e-commerce users.
Other prominent distribution centers in the immediate submarket include Amazon (900,000 sq. ft. under construction), Medline (500,000 sq. ft.), Igloo (1 million sq. ft. plus a headquarters campus plus a 500,000 sq. ft. facility), Bel Furniture (340,000 sq. ft. distribution center plus a 75,000 sq. ft. showroom), Academy Sports & Outdoors (1.4 million sq. ft. headquarters campus), Rooms-To-Go (1.5 million sq. ft.), 99 Cents Only Store (746,000 sq. ft.), and Goya Foods (340,000 sq. ft., expanding to 660,000 sq. ft.).
With the support of the Waller County Economic Development Partnership, Oakmont West 10 has property tax incentives in place from the City of Katy and Waller County. These existing incentives may be enhanced based on the economic value that a specific user can bring to the city and county. Freeport exemption and Foreign Trade Zone are also available for qualifying users.
Oakmont’s experienced design and construction team includes Atlanta-based Randall-Paulson Architects and Houston-based Rosenberger Construction. BB&T is providing the construction financing.
Brett Walker, Executive Vice President of Parkside, stated, “Parkside is proud to welcome Oakmont to West Ten Business Park. We have focused on creating west Houston’s preferred destination for world class companies at West Ten, and Oakmont is a great addition. Class A tenants in today’s market expect a development that maximizes value and offers a long-term solution. Oakmont’s quality design and construction within the master planned environment that Parkside has created provides the ideal location at West Ten.”
John Simons added, “We are excited about taking this quality project to market. Based upon its experience in other key logistics markets around the country, Oakmont has a thorough understanding of the demanding needs of today’s sophisticated tenants. Oakmont’s attention to detail and thoughtful design places the firm in the top tier of the market when it comes to delivering functional quality.” Simons continued, “Oakmont West 10 is in excellent position to capture the next major e-commerce or large DC requirement in the Houston marketplace.”
Oakmont Industrial Group is a fully integrated industrial real estate development and management company based in Atlanta, Georgia. Founded in 1996, Oakmont develops state-of-the-art warehouse/distribution facilities located in high quality business park environments. Over the past 20+ years, Oakmont has developed 60 buildings in 5 different states. Through partnerships with Pacolet Milliken and The Carlyle Group, Oakmont is actively pursuing new development projects in Southern California, Houston, Dallas, Atlanta, Charlotte, Orlando and Savannah.
Pacolet Milliken Enterprises, Inc., is a private, family-owned investment company based in Greenville, South Carolina with a mandate to preserve and grow its capital with a values driven, multi-generational outlook through the ownership of very high quality real assets.
Parkside Capital invests in and develops land on behalf of both private and institutional investors. Parkside purchases undervalued, core land assets in the path of growth that it believes has superior return characteristics. Parkside is uniquely qualified to move a property through the entire process, from acquisition to entitlement, value creation, development and finally disposition. This allows Parkside to achieve maximum.