Northmarq Advises on CityNorth Industrial Park Development in Houston
Northmarq’s Houston Debt + Equity team has advised on a joint venture equity partnership between Lincoln Property Co. and New York Life Investment Management to develop the $150 million CityNorth Industrial Park. The project will transform a historic site into an industrial park with over 1 million square feet of space.
The CityNorth Development
The planned CityNorth Industrial Park will be located at the site of the former Greenspoint Mall in Houston, Texas. Northmarq, led by Warren Hitchcock, advised on the equity partnership for the $150 million development.
Partners in the Project
Lincoln Property Co. and New York Life Investment Management have partnered for the development. According to Kevin Wyatt, Executive Vice President at Lincoln Property Company, Transforming a site of this scale required a thoughtful approach to the acquisition, capital structure and development plan.
He also stated that Northmarq understood our vision for CityNorth and helped bring together the right partnership to move the project forward.
Location and Accessibility
The site is situated at the intersection of Interstate 45 and Beltway 8, offering access to the Hardy Toll Road. This location provides connectivity to George Bush Intercontinental Airport and the Port of Houston. The park’s position within a North Houston industrial corridor is surrounded by major companies in manufacturing, distribution, and data infrastructure.
Project Details
The $150 million redevelopment will result in an institutional-quality industrial park. Plans include over 1 million square feet of industrial space across four Class A industrial buildings. Warren Hitchcock of Northmarq stated that CityNorth Industrial Park represents a rare opportunity to reposition one of Houston’s most prominent sites into a next-generation industrial development.
He added that the project is well positioned to serve the region’s continued growth.