Stream identified a well located off-market industrial site with competitive advantages in a superior location, tax benefit potential and proximity to labor. In partnership with Clarion Partners, one of Stream’s large institutional clients, the opportunity existed to develop the site and grow Clarion’s industrial investment in the Dallas-Fort Worth market.
Designed as three buildings with diversified product offerings, this 946,000 SF, $48.2 million facility offers superior location logistics, real property tax and BPP tax benefits and proximity to labor for potential tenants. The development team, through thoughtful product design, remained sensitive to development costs. Incentives negotiations and public/private partnership on site improvements were key to successful project completion.
Despite significant weather delays, Northport 35 was delivered under budget and 33% pre-leased. The project was 100% leased ahead of schedule with five tenants ranging from 25,000 – 350,000 SF. The immediate area benefitted from the project with three newly constructed public roads as part of a public/private partnership. The project spurred substantial momentum in the area with the follow-on development of the Farmer Brother Headquarters, new hotels, new restaurants and retail development.