HOUSTON– (Realty News Report) – Cabot Properties has acquired 13 acres in the formidable Northwest Houston submarket where it will develop a speculative industrial project.
Stream Realty Partners has been tapped by Cabot to provide leasing, property management and development management services for the project, known as Axis Northwest Distribution Center. The plans call for a 201,240-SF front-load distribution building to be constructed on the site, located at the southeast corner of Fallbrook Drive and Windfern Road, just inside the Sam Houston Parkway.
In today’s market the site is considered an infill location.
Boston-based Cabot Properties has been active in Northwest Houston for a number of years, with deals including the acquisition of the Clay-Campbell I and II industrial buildings from EastGroup Properties in 2014.
In recent years, land suitable for development has become more scarce in Northwest Houston.
“Given their working knowledge of the submarket, we put the site in front of Cabot, and they immediately understood the value of the opportunity and jumped on it,” said Justin Robinson, Managing Director and Partner at Stream. “Being well educated on the market and acting decisively were critical components in Cabot’s successful acquisition of this incredible development site.”
The Northwest industrial submarket accounts for over 100 million SF of institutional-quality product and is the largest industrial submarket in Houston. Leasing demand continues to be strong within that area, specifically for infill Class AA buildings, which was Cabot’s thesis to build Axis.
2 Million SF of Deals with More In The Pipeline
Over the last six months, over 2 million SF of leases have been executed within the submarket, with many more slated for closing in the coming months.
Matteson Hamilton, Managing Director and Partner at Stream, added, “The northwest submarket continues to outperform in Houston. When you factor in the numerous deals in the market soon to absorb new developments coupled with a severe lack of new construction within the area, Axis is positioned for incredible success. Timing could not be better for this new development, and we are thrilled to play a meaningful role in the creation of a vision between Cabot and Stream.”
Damian Bailey, Managing Director at Cabot, said, “Stream is a great long-term partner of ours, and this transaction highlights one of the many reasons we do business with them. Their platform allows us to work together in multiple facets; identification of acquisition and development opportunities, leasing, property management and development management.”
Since 1996, Stream has grown to a staff of more than 950 real estate professionals with offices in Atlanta, Austin, the Carolinas, Chicago, Dallas, Denver, Fort Worth, Houston, Greater Los Angeles, Nashville, San Antonio, San Diego, and Washington, D.C.
Sept. 1, 2021 Realty News Report Copyright 2021
Rendering: Courtesy Stream Realty Advisors
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File: Spec Project Underway in Northwest Houston
File: Stream Realty. Northwest Houston. Spec Project Underway in Northwest Houston by Cabot Properties 9-1-21. Fallbrook. Windfern. Justin Robinson. Matteson Hamilton. Damian Bailey.