Industrial Expansion in Sugar Land Business Park Creates Opportunities

Sugar Land, TX- A new industrial development totaling more than 320,000 square feet will be built in the Sugar Land Business Park.

The development is the result of an agreement approved by the Sugar Land Development Corporation (SLDC) with Sage Dulles, Ltd., an affiliate of Lovett Industrial LLC, and Boise Cascade Building Materials Distribution, L.L.C.

Once completed, the project will result in the redevelopment of the former National Oilwell Varco site, 500 Industrial Boulevard, one of the largest parcels in the business park. The site, purchased by Lovett Industrial in 2019, has been targeted for redevelopment into a Class A industrial project by the company. Lovett Industrial is a newly formed development company led by Frank Liu and Charlie Meyer and comprised of a management team with significant experience in the commercial and residential development industry.

We are thrilled that the city of Sugar Land's industrial sector continues to expand with the creation of new industrial space in the business park," said Director of Economic Development Elizabeth Huff. "Newly developed industrial spaces create opportunities for existing businesses to expand and attract new businesses to our city. Sugar Land's industrial vacancy rate continues to remain low, which shows a continued demand for new industrial spaces within the city. The Office of Economic Development continues to support development of these new spaces.

Boise Cascade, an existing Sugar Land business, will be the first tenant in the new development. The company will lease approximately 163,320 square feet of space located in the southern portion of the building. With this expansion, they will contribute $4 million in personal property, $4 million in inventory annually and create more than 60 jobs. Boise Cascade is a North American manufacturer of wood products and a wholesale distributor of building materials. The company's regional operations have been in Sugar Land since 2002, and this new development will allow the company to further expand business operations.

"We are excited to partner with the city of Sugar Land and Fort Bend County to redevelop an outstanding location in the Sugar Land Business Park; and pleased that this redevelopment has resulted in an expansion opportunity for our first tenant, Boise Cascade," said Lovett Industrial President Charlie Meyer.

The Office of Economic Development is proactive in capitalizing on opportunities to expand, construct or relocate businesses to the city to ensure Sugar Land remains an economic powerhouse within the Houston region. These proactive efforts ensure a strong economy, support quality services for Sugar Land residents and allow the city to maintain the second lowest tax rate in the state among cities of similar size. In addition to SLDC's agreement, Fort Bend County also incentivized the project to support continued industrial development in the city.

This new development further solidifies our position as a financial leader and economic powerhouse," said Huff. "We look forward to continuing to support Boise Cascade's growth in Sugar Land and are excited for new opportunities that this development will bring.

About Lovett Industrial

Lovett Industrial is a vertically integrated logistics real estate investment company that seeks to develop and acquire industrial real estate assets that are differentiated by their quality, location, and functionality in markets across the U.S. We are a customer - focused real estate company that is driven by building partnerships with our tenants, and we strive to provide a level of service and quality that is unmatched in the industry. Our dedicated team of experienced real estate professionals are our strongest asset and collective experience encompasses more than 20,000,000 sf of industrial real estate, and more than $5B of projects successfully completed.

About the City of Sugar Land

Known as the "Sweetest City in Texas," Sugar Land is one of the finest cities in which to do business, live, work and visit. With some of the nation's best master-planned communities, pristine parks and trails, and world-class medical facilities, Sugar Land offers the full amenities to create one's very own home sweet home. Not to mention, Sugar Land consistently ranks among the most beautiful and safest cities in the nation. Fueled by a highly educated, globally diverse and a fast-growing population, Sugar Land's economy attracts dozens of global companies ranging from startups to Fortune 500 firms like Minute Maid and Texas Instruments. Whether it's a piece of history, on-trend shopping or hours of family fun, Sugar Land offers something sweet for everyone. Catch a large special event at Sugar Land's Crown Festival Park or a Skeeters baseball game at Constellation Field, which has 360 degrees of fun, including a splash pad, basketball entertainment, swimming pool, and open-air ice house and buffet. Visitors can also enjoy 100-plus live entertainment acts throughout the year at the award-winning Smart Financial Centre at Sugar Land. Overall, the city's bold, thoughtful approach to development, making life sweeter and more refined for its businesses, residents and visitors, is simply known as "The Sugar Land Way."

About Boise Cascade

Boise Cascade Company is one of the largest producers of engineered wood products and plywood in North America and a leading U.S. wholesale distributor of building products. For more information, please visit the Company's website at www.bc.com.