Northmarq secures $102 million in capitalization for a three-building industrial development in Houston suburb
Image credit: Provident Realty Advisors
BAYTOWN, TEXAS — Northmarq’s Houston Debt + Equity team, led by Warren Hitchcock, arranged a total of $102 million in capitalization on behalf of Christen Vestal and Provident Realty Advisors for the immediate development of Port 99 – Phase II (Nelson Baytown Industrial), a three-building, Class A industrial park totaling nearly 1.35 million square feet.
Situated on approximately 92 acres on Farm to Market Road 2354 in Baytown, Texas, Port 99 – Phase II is located in Southeast (Port) Houston, one of the Houston area’s fastest-growing industrial submarkets. The development will encompass three distribution and warehouse buildings featuring cross-dock and front-load configurations, with additional trailer parking strategically positioned to support both regional and national distribution needs. The project is designed to help address continued demand for industrial facilities to serve the port and the growth along the Grand Parkway, which was recently expanded and completed, connecting Baytown north to The Woodlands.
Northmarq arranged the financing through one of its correspondent relationships on behalf of Provident Realty Advisors, with Junction Commercial Real Estate serving as Provident's joint venture equity partner for the development.
“We are honored and incredibly proud to once again have the opportunity to work with Christen Vestal and the Provident Realty Advisors team on another successful capitalization," said Hitchcock. "Provident is one of the largest and most active developers in the Houston market, and Junction's continued partnership is a powerful endorsement of the strength of this development and the confidence both groups have in the Baytown industrial market.”
With the closing of Phase II, Northmarq has arranged more than $125 million in capitalization for Port 99, helping finance over 2.6 million square feet of Class A industrial development in Baytown. The continued expansion of the project reflects the successful execution of the development team and sustained investor demand for high-quality industrial assets.
Following the immediate leasing success of Phase I and the continued demand drivers supporting the Baytown industrial market, the development team believes Phase II is well positioned for similar success.
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.
