HOUSTON, TX – July 21, 2021 – Stream Realty Partners (Stream), a national real estate services, development, and investment company, announced today that Black Creek Group, a leading real estate investment management firm, has purchased Benchmark Northwest Distribution Center, a 157,887-square-foot industrial warehouse located at 5215 Campbell Road in Northwest Houston. Stream delivered the Class AA distribution center in third quarter 2020, and it is currently 100 percent leased.
Justin Robinson, Managing Director and Partner at Stream, said, “With our extensive industrial experience, we predicted a lack of Class AA availability within the Northwest Houston submarket. Due to Stream’s nimble platform that includes a fully integrated discretionary capital team, we were able to capitalize on this development in an almost irreplaceable location. We have been very fortunate to work with Black Creek in a meaningful way in Houston and across the country and were thrilled to offer them this strategic investment opportunity.”
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 Stream’s thesis to build Benchmark. 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, Benchmark also offers modern amenities, such as 32’ clear height, abundant trailer storage and ample car parking.
Stream’s Robinson and Matteson Hamilton represented Stream Realty Partners in the transaction and Trent Agnew with JLL represented Black Creek Group.
The Benchmark project is overseen by Stream’s Investment Management Platform which leverages expertise from Stream’s 13 local offices to make investment decisions based on real-time supply and demand fundamentals. Stream actively manages three discretionary commingled funds, in addition to several joint ventures, and wholly owned assets totaling 33 investments of 14.7 million square feet and approximately $2 billion in assets under management.