Centris Industrial, Inc. (Centris), an externally managed private real estate investment trust (REIT), today announced the groundbreaking of its Generation Park development in Houston. The development will consist of two buildings, totaling 255,871 square feet and 1,026,000 square feet, which are anticipated to be completed in the Q2 and Q3 of 2023, respectively.
“The groundbreaking of the Generation Park development is a milestone for Centris, having been one of our first transactions completed alongside the formation of the REIT,” said Centris CEO Michael Podboy. “Houston has seen significant demand for industrial real estate in the last several years that continues to outpace supply. We anticipate the Houston Ship Channel expansion project to drive continued demand for Houston-based industrial and logistics real estate, and more specifically our Generation Park development, as it provides prime access to one of the nation’s busiest ports,” added Centris COO and Southwest Market Officer Joe Trinkle.
Situated just 10 minutes from the George Bush Intercontinental Airport and 15 minutes from the Port of Houston, Centris’s two-building development at Generation Park is located within one of Houston’s fastest growing zip codes. The site provides ideal highway access to five Beltway 8 interchanges and is nearby the I-45 and I-10 interchanges, offering customers premier access to the area’s major transportation network. The larger facility will feature 40-foot clear heights, cross-dock loading with 185 truck courts and more than 300 trailer parking spaces, while the smaller building will feature 32-foot clear heights and 185-foot truck courts for efficient circulation, loading and trailer parking.
Centris operates alongside CA Industrial, the dedicated industrial and logistics arm of CA Ventures. Since inception, CA Industrial has closed transactions totaling approximately $1.2 billion of project costs and has more than 10.3 million square feet of industrial space currently under development in key US markets including in Phoenix, Houston, Richmond, Dallas, Orlando, Atlanta, Savannah, Columbus, Indianapolis and Las Vegas.