HOUSTON, TX – August 31, 2021 – Cabot Properties, Inc., a leading international private equity real estate firm, announced today that it has acquired 13 acres in northwest Houston for a speculative industrial development. Stream Realty Partners has been tapped by Cabot to provide leasing, property management and development management services for the project known as Axis Northwest Distribution Center (“Axis”). The plans call for a 201,240-square-foot front-load distribution building to be constructed on the site located at the southeast corner of Fallbook Drive and Windfern Road, just inside the Sam Houston Parkway.
Justin Robinson, Managing Director and Partner at Stream, said, “We love expanding relationships with our strategic clients, and with the 15-year history between our firms, Cabot certainly falls into that category. Given their working knowledge of the submarket, we put the site in front of Cabot, and they immediately understood the value of the opportunity and jumped on it. Being well-educated on the market and acting decisively were critical components in Cabot’s successful acquisition of this incredible development site.”
The Northwest industrial submarket accounts for over 100 million square feet of institutional product and is the largest industrial submarket in Houston. Leasing demand continues to be strong within that area, specifically for infill Class AA buildings, which was Cabot’s thesis to build Axis. Over the last six months, over two million square feet of leases have been executed within the submarket, with many more soon to transact. In addition to its unique infill location, Axis also offers modern amenities, such as 36’ clear height, abundant trailer/outside storage and ample car parking.
Damian Bailey, Managing Director at Cabot, said, “Stream is a great long-term partner of ours, and this transaction highlights one of the many reasons we do business with them. Their platform allows us to work together in multiple facets; identification of acquisition and development opportunities, leasing, property management and development management. The ability to work on all aspects of an opportunity together, from inception to stabilization, is very appealing to us. We are excited to grow our Houston presence and execute another great deal together at Axis.”
Matteson Hamilton, Managing Director and Partner at Stream, added, “The northwest submarket continues to outperform in Houston. When you factor in the numerous deals in the market soon to absorb new developments coupled with a severe lack of new construction within the area, Axis is positioned for incredible success. Timing could not be better for this new development, and we are thrilled to play a meaningful role in the creation of a vision between Cabot and Stream.”
Stream’s Robinson and Hamilton will represent Cabot on the leasing of the project. Tyler Wellborn, Kyle Fletcher, and Erin Patterson will handle the development management for Stream.
