237,303 Square Feet of Positive Absorption at The Hardy Distribution Center

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Nov 17, 2011, 10:00 ET

HOUSTON, Nov. 17, 2011 /PRNewswire/ -- Clarion Partners LLC and Stream Realty Partners, L.P. announced today that K&K Express, Inc. and WEG Electric Corp. have commenced business in their new 143,690 square foot and 73,510 square foot facilities at The Hardy Distribution Center, located in Houston.

"This first-class distribution project continues to attract high-quality tenants because of the state-of-the-art amenities the buildings offer, its proximity to IAH Airport and its deed-restricted business park setting," said Justin Robinson, senior vice president at Stream Realty Partners, L.P.

"We are extremely excited to welcome these new customers to The Hardy Distribution Center," said Kyle Valentine, co-managing partner at Stream Realty Partners, L.P. "Both K&K Express and WEG Electric Corp. are leaders within their respective industries and will complement our existing customers, FedEx SmartPost and Derma Sciences very well."

Additionally, FedEx SmartPost has renewed and expanded their presence in the facility to 105,455 square feet, bringing the overall occupancy of the project to 75%.

"We are pleased to welcome K&K and WEG to the business park and equally pleased with the expansion of our existing client FedEx SmartPost. It is great to see this positive activity not only at The Hardy but in the overall market as well," said Rachel Vick, senior associate asset manager with Clarion Partners LLC.

With the completion of the most recent deals, The Hardy Distribution Center has two suites remaining at 52,297 square feet and 73,510 square feet. The 52,297-square-foot suite has 2,100 square feet of recently-constructed office space, high-efficiency T-5 warehouse lights and is ready for immediate occupancy. The 73,511-square-foot suite is situated on the southwest corner of the project with signage opportunities on the Hardy Toll Road and access to 20 dedicated trailer storage positions.

About The Hardy Distribution Center

Developed in 2009, The Hardy Distribution Center is a 500,719-square-foot, Class A distribution facility in the heart of the north Houston industrial submarket. The two-building project is located at 1517 and 1521 Greens Road and boasts today's most desirable building features such as a 30-foot clear height, ESFR sprinkler system and 40-foot-by-53-footcolumn spacing.

About WEG Electric Corp.

Founded in 1961, WEG has grown into a global solutions provider of industrial electrical technologies. WEG is the largest industrial electric motor manufacturer in the Americas and one of the largest manufacturers of electric motors in the world producing more than 10 million units annually.

About K&K Express, Inc.

K2 Logistics is a single-source, full-service logistics and supply chain management company delivering performance excellence. K2 simplifies its customers' global and local supply chain, conveying personalized service and innovative solutions to its logistics and transportation needs.

About FedEx SmartPost

FedEx SmartPost offers an efficient, value-oriented, and timely way to ship high volumes of low-weight packages to residential customers. FedEx Smart Post picks up, sorts, line hauls, tracks and delivers packages to the post offices closest to customers and then the USPS makes the final delivery to the residence. As a result, Fed Ex SmartPost reduces transit time, minimizes handling and maximizes postal discounts. Through its network of 16 distribution hubs FedEx SmartPost provides delivery Monday through Saturday to all residential addresses in the U.S., including P.O. Boxes and military destinations.

About Stream Realty Partners, L.P.

Stream Realty Partners, L.P., is a national real estate development, services and investment firm. The firm leases and manages over 70 million square-feet of office, industrial and retail buildings and properties throughout Texas, the Southeast and the West Coast. Founded in 1996, Stream Realty has grown from two partners to more than 330 real estate professionals. For more information, visit Stream's website at www.streamrealty.com.

About Clarion Partners LLC

Clarion Partners has been a leading U.S. real estate investment manager for almost 30 years. Headquartered in New York the firm has offices in major markets across the U.S. as well as a presence in Mexico and Brazil. With more than $22 billion in total assets, under management, including more than 100 million sqf of industrial space in industrial hubs across the Americas, for more than 200 institutional investors both domestic and international, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum. More information about the firm is available at www.clarionpartners.com.

SOURCE Stream Realty Partners, L.P.