Northmarq secures joint venture equity for Greenspoint Mall acquisition, part of planned $150M CityNorth Industrial Park
Photo credit: Northmarq
HOUSTON — Northmarq's Houston Debt + Equity team, led by Warren Hitchcock, advised on the joint venture equity partnership for the planned $150 million CityNorth Industrial Park development at the historic Greenspoint Mall site in Houston.
Northmarq advised on the joint venture equity partnership between Lincoln Property Co. and New York Life Investment Management.
“We are proud to have helped bring this transformative transaction to fruition,” said Hitchcock. “CityNorth Industrial Park represents a rare opportunity to reposition one of Houston’s most prominent sites into a next-generation industrial development. With exceptional access at the intersection of Interstate 45 and Beltway 8, the project is well positioned to serve the region’s continued growth. We were honored to work alongside Lincoln Property Company and New York Life Investment Management, two exceptional organizations with the experience, vision and commitment required to execute a project of this magnitude that will create a lasting economic impact for North Houston.”
Lincoln’s expertise and creativity were instrumental in structuring the acquisition and site plan within the parameters required to successfully close a highly complex acquisition & development.
“Transforming a site of this scale required a thoughtful approach to the acquisition, capital structure and development plan,” said Kevin Wyatt, Executive Vice President at Lincoln Property Company. “Northmarq understood our vision for CityNorth and helped bring together the right partnership to move the project forward. With New York Life Investment Management, we are positioned to create a flexible, institutional-quality industrial park that can serve a wide range of users.”
Situated at the intersection of two of Houston’s most heavily traveled transportation corridors, the property offers direct access to Interstate 45, Beltway 8 and the Hardy Toll Road. The location provides efficient connectivity to George Bush Intercontinental Airport, the Port of Houston and major population centers throughout the region, making it well suited for last-mile, regional and national distribution operations.
The $150 million redevelopment will transform a highly visible infill site into an institutional-quality industrial park designed to serve both large-scale occupiers and smaller industrial users. Planned improvements include over 1 million square feet of industrial space across four Class A industrial buildings.
CityNorth also benefits from its position within a mature North Houston industrial corridor surrounded by major occupiers and institutional development. Nearby users include national and global companies across manufacturing, distribution and data infrastructure sectors, reinforcing the area’s role as one of Houston’s premier employment and logistics hubs.
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
