CORFAC News

Houston, TX (April 10, 2015) – Boyd Commercial LLC/CORFAC International, a leading full-service commercial real estate provider serving the Houston metropolitan market, today announced that the firm’s Bo Pettit and Alexander Reilly, CCIM, SIOR, represented Canadian institutional real estate investor, Artis REIT, in the acquisition of 127 acres of unimproved land in Missouri City, located in Fort Bend County, TX.

Artis is teaming up with the Trammell Crow Company to build a new Class A industrial park called Park 8Ninety that could ultimately be approximately 1.7 million square feet of developed space at full build out. Terms of the sale were not disclosed.

Pettit said that construction on the first phase of Park 8Ninety will include three buildings totaling over 330,000 square feet of industrial space, with construction expected to begin in Summer 2015 and completion scheduled for Spring 2016. The property is at the southwest corner of U.S. Highway 90 and Sam Houston Tollway, approximately 15 minutes from downtown Houston.

Trammell Crow is operating as a fee-based developer while Artis plans to hold the property long-term. Pettit said that Artis has indicated that it does not intend to sell any parcels within the park to third-party developers or owner/users, and that the Canadian real estate investment trust would develop on a build-to-suit basis and speculatively, subject to market conditions.

Artis, based in Winnipeg, owns office, retail and industrial properties with assets throughout Saskatchewan, Alberta, British Colombia, Manitoba and Ontario in its home country, and also Minnesota, Arizona and Colorado in the U.S. The Missouri City project is the company’s first in Texas.

Ellis Management, represented by Barney Van Huss, was the seller of a 75-acre parcel, while Ron Dagley with The Betz Companies, represented the seller of a 52-acre parcel that had been owned by a local investment group.

Bo Pettit and Alexander Reilly with Boyd Commercial/CORFAC International have been retained to market the park and manage leasing at Park 8Ninety.

About Boyd Commercial/CORFAC International
Since 1977, Boyd Commercial, LLC/CORFAC International has provided value-driven real estate services to Houston’s industrial, investment and business communities. The company is a locally owned, entrepreneurial firm with the flexibility to move quickly; and globally connected through high-performing industry affiliations to offer services across the country and worldwide. As trusted business advisors, the professionals at Boyd Commercial deliver practical, workable solutions that produce the best possible outcome for clients and their and real estate interests. The firm’s clients include Fortune 500 companies, local and regional user companies, as well as investors ranging from major public Real Estate Investment Trusts to individual investors. Boyd Commercial also includes local, regional and national developers among its clientele.

About CORFAC International
In association with global affiliates, CORFAC International offers commercial real estate services with market reach in 48 countries worldwide. Founded in 1989, CORFAC firms completed more than 10,000 lease and sales transactions totaling approximately 400 million square feet of space valued in excess of $7.4 billion in 2014. For more information on the CORFAC network, call 224.257.4400 or visit www.corfac.com.