Waypoint Business Park – Phase I consists of four buildings and is designed to accommodate users ranging from 10,000 to 290,373 square feet
HOUSTON, TX (March 21, 2019) – 4M Investments today announced that it has created a joint venture with Clarion Partners to build Waypoint Business Park, located in the very active southwest Houston industrial submarket. HFF’s Houston office assisted in the formation of the joint venture. The project sits on over 60 acres of land and at completion will be home to over 850,000 square feet of state-of-the-art warehouse product, joining existing users Ben E. Keith, Best Buy and FedEx.
Phase I consists of four buildings and is designed to accommodate users ranging from 10,000 to 290,373 square feet. Additionally, 14 acres are available for built-to-suit projects with direct frontage along Beltway 8, which has proven to be a preferred destination for corporate users searching for superior visibility and access. In addition, users can take advantage of freeport inventory tax exemptions and other potential incentives available within Fort Bend County. 4M will lead the development and the venture has tapped Stream for leasing efforts.
Tripp Rice, Partner at 4M Investments, said “We have had great success in southwest Houston over the last decade and been involved with many user transactions including Ben E. Keith, Best Buy and FedEx to name a few. Vacancy has dropped 2.4 percent in the just the last year signaling the robust nature of the leasing demand we have seen within the area and we want to take advantage of our remaining land available. We are positioned for success given our investment and leasing partners who have a strong track record of success in the submarket and we cannot wait to see the finished product.”
“With vacancy sitting at an impressive 3.4 percent – a record low within the submarket – and the premier access of Waypoint Business Park located at the northwest corner of Beltway 8 and Highway 90, we have received significant pre-leasing interest and expect this to continue as construction progresses,” said Matteson Hamilton, Partner at Stream. “Given the close proximity to Houston’s largest population centers, coupled with the many logistical advantages this location offers, the southwest submarket has become a formidable distribution corridor for users of all kinds.”
Waypoint Business Park is leased by Matteson Hamilton and Justin Robinson of Stream. Colby Mueck, Trent Agnew and Charlie Strauss with HFF worked on the formation of the joint venture. Powers Brown designed the project, Jones & Carter is the civil engineer and Burton Construction is the general contractor.