Avison Young’s Drew Coupe and Dawson Smith who are both out of the firm’s Houston office have been tapped to market NorthStar Industrial Park, a Class-A industrial redevelopment project located at 100 FM 3083 in Conroe, Texas. The 79-acre site, which currently encompasses five manufacturing and warehouse buildings totaling just under 200,000 square feet, was formerly the U.S. headquarters of The BAUER Group’s subsidiary, NEORig. As part of its efforts to maximize the value of its former site, BAUER has also teamed up with DIBAG Industriebau AG, a German real estate developer that will provide additional consulting services and real estate expertise alongside Avison Young.
The BAUER Group, an international construction and machinery manufacturing concern with more than 110 subsidiaries in some 70 countries that provides services, machinery and products for ground and groundwater, has owned the Conroe property since beginning development of the park in 2009. BAUER’s business plan is to lease the five existing Class-A buildings as well as market opportunities for both distribution and manufacturing build-to-suit projects on the site’s 31.5 acres of excess land. Once built out, NorthStar Industrial Park could total up to 500,000 square feet of building space.
NorthStar Industrial Park is strategically located east of Interstate 45 with access from both Loop 336 and FM 3038 and is about one hour north of Houston. The greater Houston industrial real estate market continues to exhibit strong fundamentals, sitting at around 6% vacant today.