According to the Houston Chronicle the Houston-based developer Hines has pulled out of plans to develop a business park by selling the 150-acre site to Costco. "In the midst of our planning effort for our Pintail Crossing development, we were approached by a user/owner whose interest was to own, rather than to lease the property," Hines managing director Charlie Meyer said. "We at Hines, together with our land owner and partner, elected to move forward with the sale of the entire property rather than the planned phased development. This is a win for everyone involved including Hines, our land partner, the new owner, as well as the City of Katy."
Andy Sowell and Bo Pettit at Boyd Commercial brokered the land sale on behalf of Hines and Katy Partners. The team had been tapped in May to lease Pintail Crossing, which had been designed for up to 2.2 million square feet of distribution space.
The site is between the Amazon and Igloo distribution centers, west of a 107-acre site that will be developed into the Pederson Distribution Park. Clay Development & Construction plans to break ground on a 621,920-square-foot distribution center in phase one in January.
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