HOUSTON– (Realty News Report) – Stream Realty Partners has completed the development of Bay Area Business Park, a 3.3 million-SF development located near Port Houston, an integral part of Houston’s active industrial real estate market.
The business park’s final three speculative buildings totaling 1.3 million SF were delivered on June 8.
The 232-acre Bay Area Business Park is owned by Principal Real Estate Investors, a global financial investment management and insurance company , is one of the largest single-owner business parks in the area.
In 2007, Principal and Stream broke ground on the original 137 acres of the development with the intention of building a few speculative buildings in multiple phases.
“It is hard to believe we started this vision 13 years ago after extensive market research indicated there was demand for bulk warehouse space near the Port,” said Casey Miller, Managing Director at Principal. “Even though we are fully built out, our intention is to hold this irreplaceable real estate whose location just gets better year-over-year. We stand dedicated to the growth of the city of Houston and are extremely proud of what we have accomplished with Stream’s help.”
Principal purchased an additional 95 acres in 2019 to include a third phase of the project. The development, located near the intersection of Red Bluff Road and Bay Area Boulevard, has previously secured major tenants including Floor & Décor, Calpine, Honeywell and Dunavant.
The recently completed 1.3 million SF phase of the development, was 20 percent pre-leased, with leasing activity underway on the remaining available space, said Justin Robinson, Partner at Stream.
The Bay Area Business Park development, part of Foreign Trade Zone #84, is near the Bayport Container Terminal.
Construction activity has been strong in Houston’s industrial market with 17.1 million SF currently under construction, according to a new update from NAI Partners. Year-to-date leasing totals 9.2 million SF and vacancy stands at 7.9 percent.
July 14, 2020 Realty News Report Copyright 2020
File: Bay Area Business Park