Stream Completes "Stream Three Step" at Northwest Logistics Center
Stream Realty Partners Sells, Develops and Leases Northwest Logistics Center in Northwest Submarket
HOUSTON, Aug. 30, 2018 /PRNewswire/ -- Stream Realty Partners today announced the firm has completed the "Stream Three Step" at its latest development Northwest Logistics Center (NWLC) located in northwest Houston. The Stream Three Step, a term coined by the firm's founder, Mike McVean, is a deal cycle Stream describes as developing, leasing and selling a project, in that order. In the case of NWLC, things were slightly different as they sold, developed and then leased the building, which is extremely uncommon and unique. Before construction commenced, Stream put together a unique "forward" takeout structure with an existing client whereby the client agreed to purchase the building at a set price upon substantial completion of the building.
Justin Robinson, Partner at Stream, said, "This phenomenon illustrates the perfect marriage of extremely strong market fundamentals and institutional capital flocking to quality industrial product in Houston." Within two weeks of closing on the project, Stream secured a full-building lease with Goodman Manufacturing Company, L.P., who will move into the building during fourth quarter 2018.
Robinson continued, "The last sixty days have been incredibly active surrounding NWLC. This project has been in the works for several years and was the perfect illustration of Stream's market knowledge and development expertise which, when these disciplines were combined, was a true team effort. We could not be more excited with how things have turned out for Stream and our client."
NWLC is a 411,460 square foot, cross-dock distribution facility located in the thriving northwest industrial submarket. The project features a 32' clear height, ample dock doors and trailer storage, ideal for today's sophisticated industrial users. Per Stream's latest market report, the Northwest submarket is 6.1 percent vacant with leasing demand continuing to outpace new supply.
"It is exciting to see our thesis for the project come to fruition," said Matteson Hamilton, Managing Director at Stream. "Northwest Houston continues to be the most sought-after industrial submarket in town and this transaction only strengthens this. We designed the building with the upmost flexibility to accommodate multiple users, but obviously are thrilled to land a single user. Additionally, the opportunity to grow an existing client relationship was icing on the cake."
Seth Koschak with the Dallas office of Stream Realty Partners represented Goodman in the transaction.
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.
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Lauren Sweeney
Director, Public Relations
713.300.0275
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SOURCE Stream Realty Partners
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