Stream Realty Partners will develop, lease, and manage a new 156,000-square-foot industrial building in Northwest Houston.
The national real estate services, development, and investment company is expected to break ground in the second quarter of 2022 on Raceway NW Distribution Center, a speculative distribution building at 9707 Fairbanks North Houston Road. The property, in the highly sought-after Northwest industrial submarket, offers immediate access to the Sam Houston Tollway, State Highway 249, and U.S. Highway 290 and provides strategic access to some of Houston’s most densely populated residential areas.
“The Greater Houston market, especially the Northwest submarket, is a hotbed for industrial real estate development right now and will be for the next few years,” said Justin Robinson, Executive Managing Director and Partner in Stream’s Houston office as well as a key leader of the firm’s growing Industrial Development Services division. “With very little new supply and increased demand for distribution space, we cannot build fast enough in this area to meet everyone’s needs. We are very excited about the possibilities with this building.”
Raceway NW Distribution Center will offer a front-load configuration with a 36-foot clear height, and 109 vehicle and 22 trailer parking spaces. With direct frontage on Fairbanks North Houston and Derrington roads, the building will deliver spec office space, LED warehouse lights, a white-boxed interior warehouse, and a fully fenced and secured truck court.
“The depth of tenant demand in the market is at an all-time high, and with very limited new supply in this submarket, we expect users will covet this modern, infill distribution facility,” said Jeremy Lumbreras, Senior Vice President for the Stream Houston industrial division. “Although the submarket is over 100 million square feet in total, availability for users over 50,000 square feet ended 2021 at 1.1% vacant. We expect demand to remain constant and for the market to continue to tighten for the foreseeable future.”
Kyle Fletcher, a Director in Stream’s Houston office, will assist in the development management of the ground-up industrial project. Robinson, Senior Director Tyler Wellborn, and Director Craig McKenna will provide oversight on the development.
Lumbreras and Boone Smith, Vice President for the Houston industrial division, will oversee leasing.
Raceway NW Distribution Center is owned and overseen by Stream’s Investment Management Platform, which leverages expertise from Stream’s 15 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.
About Stream Realty Partners
Stream is a commercial real estate firm with full-service offerings in leasing, property management, development, construction management, and investment sales services across the industry. In addition, Stream is dedicated to sourcing acquisition and development opportunities for the firm and its clients. Since 1996, Stream has grown to a staff of more than 950 real estate professionals with offices in Atlanta, Austin, the Carolinas, Chicago, Dallas, Denver, Fort Worth, Houston, Greater Los Angeles, Nashville, Northern Virginia, Phoenix, San Antonio, San Diego, and Washington, D.C. Stream completes more than $3.3 billion in real estate transactions annually and is an active investor and developer across the nation. Visit www.streamrealty.com.