HOUSTON, Nov. 15, 2017 /PRNewswire/ -- Stream Realty Partners today announced the firm has broken ground on Northwest Logistics Center (NWLC) located in Northwest Houston. Situated on 26 acres off North Eldridge Parkway, just south of Highway 290 and east of Beltway 8, the 411,442 square foot cross-dock distribution center is scheduled to deliver in June 2018. Upon completion, the building will feature a 32' clear height, ESFR sprinkler system, ample loading doors, and outside and/or trailer storage among many other amenities.
"We are excited to officially break ground on Northwest Logistics Center," said Matteson Hamilton, Managing Director of Industrial at Stream. "It has been in the works for quite some time and the submarket fundamentals couldn't be any stronger. With a scarcity of bulk distribution space available for lease, we are experiencing an incredible amount of leasing interest and expect this to result in significant pre-leasing."
Stream's most recent quarterly report indicates the northwest industrial submarket has a 4.7 percent overall vacancy rate. Digging deeper, the large and extra-large building classifications – buildings designed to accommodate users above 50,000 square feet – are below 2.6 percent vacancy levels. "We are students of the market," said Justin Robinson, Managing Partner of Leasing at Stream. "With current vacancy levels in place and the fact that there isn't a large wave of development underway, the fundamentals bode well for the success of NWLC."
Hamilton and Robinson, who are leading the leasing efforts for NWLC, has indicated the project is designed to accommodate users from 75,000 square feet to the full building footprint. "The building was designed with the upmost flexibility and we look forward to capitalizing on the substantial amount of leasing demand in the submarket," said Hamilton.
About Stream Realty Partners Stream is a commercial real estate firm with locations across the country. The company's full-service offerings cover the broad spectrum of leasing, management, development, construction, health care and investment sales services across the commercial and multifamily industry. In addition, Stream specializes in sourcing acquisition and development opportunities for the firm and its clients. Since its formation in 1996, Stream has grown from its two original partners to a staff of more than 700 real estate professionals nationwide, with regional offices in Atlanta, Austin, Charlotte, Chicago, Dallas, Denver, Fort Worth, Houston, San Antonio, Southern California and Washington, D.C. Stream currently has more than 120 million square feet of assignments across the nation, completes over $2.4 billion in real estate transactions annually and is considered one of the most active investors and developers in the real estate industry. Visit www.streamrealty.com.