Stream’s investment client Heitman sought to invest in a core industrial development product in the Dallas–Fort Worth market. Heitman’s investment strategy required a long-term tenant in the project, stabilizing the asset at a cap rate above purchase opportunities on the open market.
The client’s goals necessitated that Stream identify the land, purchase the infill land site, design and deliver the completed shell and secure a long-term tenant for the asset. Stream located a land site within the Grand Lakes Business Park, zoned industrial dirt, with I-30 frontage affording access to both Dallas and Fort Worth.
Acting as project point, Stream delivered an infill, speculative development with a 9-month construction timeline to meet Heitman’s investment requirement. Stream pre-leased the entire facility to Wheel Pros, prior to construction completion. Heitman completed acquisition of the completed building in October with Wheel Pros slated to take occupancy in January.