Hines Sells 150 Acres to Costco

Hines sold 150 acres in Katy, TX, which was to have been the site of Pintail Crossing Business Park. Hines didn’t disclose the buyer, but the Houston Business Journal reported that Costco Wholesale Corp. purchased the land. According to the Hines press release, the new owner will develop and own a large-format distribution center on the site.

Andy Sowell and Bo Pettit at Boyd Commercial represented the seller. The site is at Interstate 10 and Igloo Road, between Amazon’s one million-square-foot distribution center and Igloo Products’ headquarters and distribution center.

“In the midst of our planning effort for our Pintail Crossing development, we were approached by a user/owner whose interest was to own, rather than to lease the property,” said Hines’ Charlie Meyer.  “We at Hines, together with our land owner and partner, elected to move forward with the sale of the entire property rather than the planned phased development.”

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