Volkswagen Group of America has commissioned a brand new Gulf Coast hub in Port Freeport, Texas, a facility that can accommodate the importation of 140,000 automobiles per yr and can serve almost 300 Volkswagen sellers within the U.S.
The undertaking will probably be inbuilt collaboration with actual property funding administration firm PRP, of Washington, D.C., and company improvement and funding agency KDC, of Dallas.
The ability is predicted to interrupt floor later this yr and be operational in early 2024. Greenback values for the undertaking and for Volkswagen’s 20-year lease on it weren’t disclosed.
Present Volkswagen Group of America port operations in Houston and Midlothian, Texas, will probably be consolidated into the brand new hub at Port Freeport.
Freeport is in Brazoria County, straight south of Houston, so roughly 30 miles southwest down the Gulf Coast from Galveston Bay. It’s a part of the Houston-The Woodlands-Sugar Land MSA.
Growing Port Freeport will allow Volkswagen Group of America to import about 140,000 automobiles per yr, primarily from its manufacturing hubs in Mexico, in addition to from Europe.
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Roll-on/roll-off enterprise at Port Freeport has been increasing, in line with its web site. In 2018, the port dealt with almost 70,000 automobiles, a 40 % improve from the earlier yr. An growth now underway will add parking for about 4,000 automobiles.
In a ready assertion, Anu Goel, govt vice chairman, Group After Gross sales & Companies, at Volkswagen Group of America, mentioned the brand new hub at Port Freeport will permit the corporate to serve almost one-third of its U.S. vendor community extra effectively and extra sustainably.
Paul Dougherty, president of PRP, added that the asset enhances PRP’s web lease portfolio of newer development amenities leased by funding grade tenants on a long-term foundation in robust U.S. logistics markets.
JLL assisted Volkswagen Group of America within the web site choice course of for a consolidated port facility alongside the Gulf of Mexico.
Company builder
As a company developer, KDC has produced about 33 million sq. toes valued at greater than $9 billion, not simply company workplaces, but in addition knowledge heart and broadcast studio build-to-suits. Its purchasers have included FedEx, J.P Morgan Chase, Liberty Mutual, Raytheon, State Farm and Toyota North America.
In July, KDC accomplished the second part of the brand new, $150 million Dallas-area headquarters for Unbiased Monetary. The 198,000-square-foot constructing in McKinney, Texas, is LEED Silver licensed.
Simply a few weeks earlier, KDC had introduced the approval of rezoning of the positioning for its deliberate 1.6-million-square-foot workplace campus in Irving, Texas, within the Dallas–Fort Price metro.
