This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

KKR & Hines Form Joint Venture To Develop Houston’s Pinto Business Park

Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, “KKR”) today announced the formation of a joint venture with Hines and Pinto Realty Partners to develop Pinto Business Park, a 971-acre master-planned business park located at the corner of Beltway 8 and Interstate 45 in Houston, Texas.

Under the terms of the agreement, Hines and KKR have exclusive rights to develop the business park, which is owned by Pinto Realty Partners, a subsidiary of Cockrell Interests Inc. The partnership will primarily look to pursue an industrial build-to-suit strategy for credit tenants.

Located in the heart of Houston's north/northwest submarkets, where industrial vacancy rates are some of the lowest in the country, Pinto Business Park is Houston’s largest development-ready business park in Houston. With drainage, detention, roads and infrastructure already designed, the site is shovel- ready, with tracts available for immediate construction and delivery.

The development program includes an immediate focus on build-to-suit transactions and individual land sales to corporate end- users.

“Pinto Business Park will offer manufacturing clients the benefits of a large-scale, controlled business park setting, and distribution clients the benefit of a second-to-none location that has frontage and eight access points on the city's main connections to Houston and its surrounding markets,” said Palmer Letzerich, managing director at Hines.

When fully built out, the park represents an opportunity of nine million square feet. Tenants will benefit from the business park’s location, which is proximate to Bush Intercontinental Airport, downtown and the Port of Houston.

With vacancy at a 35-year low, ongoing positive absorption, increasing values and moderate new construction, the Houston industrial real estate market continues to be one of the strongest in the country.

"We are looking forward to leveraging the partnership’s development capabilities and access to capital on a site that we have owned for over 20 years,” said Ernie D. Cockrell, managing director of Pinto Realty Partners. "With entitlements and development capital in place, now is the time to transform a best-in-class site into a best-in-class development."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,059.82 -314.94 -1.92%
S&P 500 1,917.41 -33.72 -1.73%
NASDAQ 4,674.0670 -59.43 -1.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs