Lincoln Property Company and New York Life Investment Management Acquire Greenspoint Mall Site, Plan $150M CityNorth Industrial Park
HOUSTON — Sept. 22, 2026 — Lincoln Property Company, in partnership with New York Life Investment Management, has acquired the former Greenspoint Mall site in Houston and announced plans to redevelop the property into CityNorth Industrial Park, a $150 million project that will deliver approximately 1.2 million square feet of industrial space on roughly 80 acres.
The site is located at 12300 North Freeway at the northeast corner of Interstate 45 and Beltway 8, with additional access to the Hardy Toll Road. The redevelopment will include cross-dock and rear-load industrial buildings as well as retail and service uses.
Project Scope and Design
CityNorth Industrial Park is designed to accommodate a range of logistics and distribution users. The project's 80-acre footprint and 1.2 million square feet of planned building area are intended to serve both large-scale logistics and distribution operations and smaller companies seeking a North Houston location.
Fitness Connection will remain at the site in a new 45,500-square-foot build-to-suit facility planned as part of the redevelopment. The project team includes Powers Brown Architecture as architect, Kimley-Horn as civil engineer and E.E. Reed Construction as general contractor.
The development is expected to support approximately 300 construction jobs and accommodate roughly 1,200 full-time jobs when fully developed.
"The scale of this site gives us the flexibility to accommodate a range of users," said Gabe Lerner, Executive Vice President for Lincoln. "CityNorth will serve large logistics and distribution operations as well as smaller companies seeking a strategic North Houston location."
Redevelopment Rationale and Community Context
Greenspoint Mall had been closed for more than two years before the acquisition. The redevelopment converts a functionally obsolete retail site into logistics-oriented real estate in a location with direct access to major transportation corridors.
"Greenspoint Mall was an important part of North Houston for nearly five decades, and its redevelopment represents a defining opportunity for the area," said Kevin Wyatt, Executive Vice President for Lincoln. "CityNorth Industrial Park will return a prominent property to productive use and support the continued growth of the Greenspoint community."
The project aligns with broader public investment in the area. The city of Houston established the Greater Greenspoint Tax Increment Reinvestment Zone to support revitalization through infrastructure, mobility and other public improvements, including redevelopment of the former mall site. Lincoln is working with the city and the North Houston District as plans advance.
Houston Mayor John Whitmire expressed support for the project. "As a longtime Houston resident, I have witnessed both the proud days of Greenspoint Mall and the unfortunate neglect the mall and the Greenspoint community have suffered for too long," Whitmire said. "I have worked hard with Lincoln and other stakeholders to make Greenspoint and, by extension, the Aldine ISD community regain its once proud stature with the redevelopment that will bring us the CityNorth Industrial Park. This redevelopment will create new jobs, attract businesses, and improve the quality of life in Greenspoint. Combined with the upcoming Houston Police North Belt Station and the Fire Department's Station 84, the CityNorth Industrial Park is one more example that Houston is going in the right direction."
Transaction and Advisory Team
Northmarq's Warren Hitchcock advised on the joint venture partnership with New York Life Investment Management. Lincoln's Kevin Wyatt, Robert Willard and SuAnna Sanchez are handling leasing. Lincoln's Zach Thomas, Executive Vice President of Capital Markets, and Luke Evans, Director of Capital Markets, supported the transaction. Jim Vann of Moody Rambin provided brokerage services on the acquisition.
At the stated $150 million development cost across 1.2 million planned square feet, the project implies an average investment of approximately $125 per square foot, a figure that encompasses land, demolition, infrastructure, site work, construction and soft costs.
Houston Industrial Market Context
The acquisition comes as Houston's industrial market is recording solid tenant demand alongside a substantial supply pipeline. Net absorption reached approximately 7.0 million square feet in the second quarter of 2026, bringing year-to-date absorption to roughly 11.3 million square feet. The market's vacancy rate stood at approximately 7.4% in the second quarter, down from about 7.6% in the first quarter.
Asking rents on a net basis have been reported in a range of approximately $9.73 to $10.57 per square foot depending on the data source, reflecting differences in submarket coverage and rent definitions. The construction pipeline totals roughly 26 million to 27.2 million square feet under construction or in planning, representing a significant volume of competing supply that CityNorth will need to absorb against as it moves toward stabilization.
CityNorth's position at the interchange of I-45 and Beltway 8, with access to the Hardy Toll Road, connects the project to Houston's major population and employment centers and to the region's broader logistics network. The site's large contiguous acreage and ability to offer modern cross-dock and rear-load building configurations are expected to be key factors in attracting tenants across a range of sizes.