Cresset Real Estate Partners Announces Largest Speculative Industrial Lease in Houston Area's History

1.2 million-square-foot facility was built in partnership with Lovett Industrial and leased to BroadRange Logistics

CHICAGO, Sept. 24, 2024 /PRNewswire/ -- Cresset Real Estate Partners, in partnership with Lovett Industrial, announced today they have agreed to a lease with BroadRange Logistics on a 1,224,498 square-foot facility within Northport Logistics Center in Conroe, Texas. About 40 miles north of Houston, the lease marks the largest speculatively-built warehouse ever leased within the Houston area.

By signing the lease, BroadRange Logistics, a fast-growing third-party logistics firm, will occupy the state-of-the-art Northport Logistics Center, which was designed to the highest specifications. This includes the 40-foot clear-height building with truck courts measuring 190 feet deep, 273 trailer parking stalls, 224 loading dock doors and 8-inch slab-on-grade foundation.

The facility, which broke ground in September 2022, is located within the larger Conroe Business Park, a 1,655-acre location, allows convenient service to Houston, Dallas, Austin and San Antonio. More than 30 companies and over 3,000 employees already populate Conroe Business Park, which boasts four-lane roads, municipal utilities and quick access to I-45 through three convenient interchanges.

"We're proud to be a part of the largest speculatively-built industrial lease ever signed in the Houston area, which has become a key target market for the Cresset Partners team and specifically our logistics fund," said Dominic DeRose, Managing Director of Cresset Real Estate Partners. "We were thrilled to begin development on Northport Logistics Park two years ago with Lovett Industrial, and we're excited to have BroadRange Logistics add their commitment to the space. We hope the facility serves to continue the amazing trajectory of the booming Houston area."

Added Charlie Meyer, President & CEO of Lovett Industrial: "When we began construction of Northport Logistics Center within Conroe Business Park, we believed that if we could build a large scale, modern, high quality logistics facility here, then it would generate substantial tenant interest due to the fantastic business environment in Conroe, unparalleled regional connectivity and access to high quality labor. We are gratified to see our strategy play out successfully and equally excited to build this relationship with BroadRange Logistics, whom we hope to serve in more locations around the U.S. as they continue their steep growth trajectory."

The lease marks the latest milestone within Cresset Real Estate Partners' Logistics Fund I ("Fund I"). To date, the firm's Logistics Funds have raised more than $380 million, and resulting projects from these investments have covered more than 10 million square feet across the country.

With its Logistics Funds, Cresset Real Estate Partners seeks to find unique and attractive investment opportunities in an evolving domestic supply chain, with Houston's active port and large population growth serving as an example of that strategy.

"We're thrilled about our expansion in the Lone Star State with this state-of-the-art facility in Conroe," said Ari Milstein, CEO of BroadRange Logistics. "They say everything's bigger in Texas, and this new warehouse - twice the size of our previous Houston location - certainly proves that point. With this addition, we've tripled our footprint in Texas, a move our customers have long encouraged. We're seeing significant tailwinds in our industry, including the trend toward reshoring, and this expansion allows us to capitalize on these opportunities while meeting the growing demand for flexible warehousing and distribution. The scale and capabilities of Northport Logistics Center align perfectly with our commitment to providing cutting-edge solutions for our clients' evolving needs."

Northport Logistics Center was represented by Nathan Wynne Jason Dillee and Ed Frantz of CBRE in its successful marketing and leasing efforts, while BroadRange Logistics was represented by JR Wright and Russell Hofstetter of Atlanta-based Strategic Real Estate Partners, LLC.

About Cresset Partners

Cresset Partners is a private investment firm focused on providing its investors with direct access to opportunities in real estate, private credit, private equity, and venture capital. We focus on building outstanding, lasting partnerships by investing long-term capital, resources, and an experienced team to create sustainable value. We believe that long-term investing creates better alignment and reduces risk and inefficiencies, leading to better outcomes for all stakeholders. Cresset Partners was founded in 2018 and has more than $3.7 billion in committed capital as of September 1, 2024. Learn more at https://cressetpartners.com.

About Lovett Industrial

Founded in 2020 and based in Houston, Texas, Lovett Industrial is a privately held vertically integrated logistics real estate investment platform that seeks to develop and acquire industrial real estate assets that are differentiated by their quality, location, and functionality. Currently active in 15 markets across the United States, Lovett Industrial's portfolio consists of approximately 19 million square feet of completed, acquired, and under construction warehouses and in excess of 10 million square feet of warehouses planned for future development. Lovett Industrial's founders have combined over 60+ years of experience in the commercial and industrial real estate sectors. For more information, please see our website at https://lovettindustrial.com/.

About BroadRange Logistics

BroadRange is a transformative force in warehousing and logistics solutions—offering solar manufacturers, retailers, leading brands, and other logistics providers unprecedented flexibility and a strategic network of distribution centers. Committed to propelling the growth and success of its clients' businesses, the company provides a comprehensive range of logistics services, including adaptable space licensing agreements, advanced inventory management, and cash flow solutions. With more than 20 years in the industry and recently recognized as the 163rd fastest-growing company and the No. 6 logistics firm in America by Inc. Magazine, BroadRange manages 10.5 million square feet of Class A warehouse space across the U.S.

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SOURCE Cresset Partners