Houston-Based Firm Launches 2 Spec Industrial Projects
Houston-based Phelan Bennett Development is constructing two spec industrial projects in Houston.
The developments under construction are Near East, a 176K SF industrial building on Aleen Street near Interstate 10, and Air Center, a 109K SF industrial building at 16400 Air Center Blvd., according to Texas Regional Partner Justin Bennett.
Near East will include 32-foot clear heights, 220-foot building heights, 23 dock high doors, two oversized ramps, 1.12 acres of paved outside storage and space divisible to 60K SF. It is 10 minutes from downtown and 30 minutes from George Bush Intercontinental Airport.
Air Center will feature 32-foot clear heights, 135 parking spaces, 16 dock high doors and two oversized motorized ramp doors, according to the company's marketing material. It is outside the 100- and 500-year flood plains and is expected to be open in the second quarter.
Phelan Bennett was launched in April by Bennett, formerly of DCT Industrial Trust in Houston, and Jeff Phelan, of Phelan Development in California. The company is funded by individual and institutional investors.
Bennett is responsible for managing the Texas assets, while Phelan is responsible for the company's investment strategy. The Phelan team has combined to develop over $3B of real estate.
