CrowdStreet: Port 99 Industrial Park

The real estate investment platform CrowdStreet launched an offering for an industrial park development in Baytown, Texas, near Houston.

Port 99 Industrial Park is a ground-up development project involving the construction of a Class A distribution center strategically located near Port Houston. The development will consist of two buildings in a 104-acre industrial park totaling 1.3 million rentable square feet. Port 99 will offer coveted access to shipping terminals, railways and major freeways coast to coast.

Texas is the gateway to global trade for the United States. Port 99’s nearly 1.3 million square feet aims to satisfy a drastically underserved segment of users requiring 1 million square feet of space. Port Houston was named the busiest waterway in the U.S. in 2021, is the No. 1-ranked U.S. export terminal and is the largest Gulf Coast container port, handling 70% of U.S. Gulf Coast traffic. Port of Houston is responsible for nearly 1.35 million jobs in Texas and 3.2 million jobs throughout the country. The port’s role in Texas’s economy is significant, being responsible for 20.6% of Texas’ total gross domestic product (GDP). 

The supply-and-demand imbalance for industrial space in the Southeast industrial submarket is so great that the average gross industrial asking lease rate has increased by 18.3% between 2021 and 2022 while maintaining a vacancy rate of 2.4%. The sponsor of the development, Provident Realty Advisors, will acquire the project site in March. Construction of the industrial park is expected to be completed in the fourth quarter of 2024 with full occupancy by the first quarter of 2025.

Houston’s metropolitan statistical area is the fifth largest in population and the seventh largest by GDP in the country. The growing population, thriving port and proximity to other major Texas markets are expected to keep Houston at the forefront of industrial leasing and investment activity. 

Port 99 Industrial Park represents Provident Realty Advisors’ 16th investment offering through CrowdStreet. Founded in 1991, Provident Realty and its investor partners have developed over $5 billion in real estate projects across multiple asset classes. The group has developed more than 20 million square feet of industrial, office, retail, multifamily and various other asset classes. Provident Realty Advisors has over $1.63 billion in assets under management. 

The investment window opened Feb. 27 with the minimum investment amount being $25,000.

Photo courtesy of CrowdStreet

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