HOUSTON (Houston Business Journal) – A joint venture has acquired a 125-acre parcel north of Beltway 8 for industrial development.

Panattoni Development Company Inc. and LaSalle Investment Management Inc. are planning Beltway Crossing NorthWest, a two million-sf industrial park for the tract.

The project, which is in the northwest Houston submarket near Gessner, will include both speculative and build-to-suit space.

Construction on the initial three buildings, totaling 650,000 sf, will start in September. The designer is Three Square Design Group.

Cushman & Wakefield of Texas negotiated the transaction.