Northmarq’s Houston office arranges equity for Port 99 Industrial Development in Baytown, Texas

HOUSTON (May 16, 2023) — Northmarq’s Warren Hitchcock, senior vice president/managing director, along with Emily Zarcaro, vice president, secured an equity capitalization for the Port 99 industrial project, a to-be-built 1.2 million sq. ft. property site located at the Grand Parkway 99 on FM 2354 Road in Baytown, Texas. Northmarq arranged the equity through a discretionary private equity fund that specializes in joint venture and preferred equity across North America in industrial, multifamily, and life sciences.

“Through a very difficult and volatile market we successfully cleared the capital markets while strategically leveraging Northmarq’s relationships in order to procure the unique terms this sponsor and development required to be successful considering the changing market fundamentals. Ultimately, we were able to accommodate a quick closing timeline inside 30 days and provide a win-win-win for the client, equity partner and senior lender,” said Warren Hitchcock, managing director. “We believe the demand for this industrial product is very strong in this submarket, therefore this development will be very successful with leasing interest occurring already. Finding this type of capital is extremely important to our clients today, with banks and investors on the sidelines, so we must stay persistent.”

The industrial development site is conveniently situated in southeast Houston near the Port of Houston, the No. 1 port for exports in the nation, the largest port on the Gulf Coast and the biggest port in Texas. The Houston Ship Channel is 52-miles long and is a vital economic engine for the Houston region. Port 99 will consist of a large cross dock facility with ability to expand, as well as a smaller front load building. The buildings will also have 437 parking stalls, 1,184 trailer parking stalls and have a clearance height of 32-40 ft.