DALLAS--(BUSINESS WIRE)--ALTO Real Estate Funds (“ALTO”) in a joint venture with Investment & Development Ventures (“IDV”) recently acquired 11.7 acres of land in Katy, TX for the development of a 165,900 square foot, front-load, class A logistics facility.
The JV plans to develop a state-of-the-art facility which will feature 32-foot clear heights, 120 car parking spaces, 32 trailer spaces, 29 dock high doors and four drive-in doors with ramps. Completion of the project is scheduled for Q4 2021.
The site is located near Houston, the fourth largest city in the country, at the intersection of Cane Island Parkway and I-10. The property is well-located to serve the growing Katy community and for regional and state-wide distribution via I-10 and the Grand Parkway. Situated within the West Ten Business Park, a 473-acre deed-restricted, master-planned business park, prospective tenants will have the opportunity to join other prominent users including Amazon, Medline, Igloo, Pepperl Fuchs, Southern Glazer’s Wine & Spirits, and Bel Furniture.
Mody Kidon, Chairman and Yaniv Melamud, CEO of ALTO’s Real Estate Funds: “We are excited about the project and happy to find such a great and experienced partner as IDV. We are strong believers in this sector as the demand for smart logistics centers kept growing for the last decade. This, in turn helps support increased rental rates, and investors’ appetite. The transaction is a major cornerstone in ALTO’s strategy to diversify its portfolio and expand the fund's investments in the logistics sector for the benefit of ALTO’s investors “.
Deal Address: 7737 Cherokee Dr, Katy, TX 77493
Deal type: 165,900 sf spec development of class A industrial facility
General Partner: Investment & Development Ventures
ALTO has invested in 64 properties with a total value of $1.2 billion and a total area of 12 million SF. The Fund has made 29 exits to date. ALTO Real Estate Funds’ investment strategy focuses on investment in logistics properties and open-air shopping centers and in 10 fast-growing markets in the US.