HOUSTON – (Realty News Report) – A joint venture of Houston-based 4M Investments and Clarion Partners is developing Waypoint Business Park in the hyper-active Southwest submarket which has become a major distribution hub.
Waypoint, near the corner of Beltway 8 and Highway 90 in the southwest industrial market, which has been exceptionally active in recent years with significant developers constructing a number of large projects.
Stream Realty’s Matteson Hamilton and Justin Robinson are leasing the project. Burton Construction is general contractor.
The project sits on over 60 acres of land and at completion will be home to over 850,000 SF of state-of-the-art warehouse product, joining existing users Ben E. Keith, Best Buy and FedEx.
Phase I consists of four buildings and is designed to accommodate users ranging from 10,000 to 290,373 SF.
Additionally, 14 acres are available for built-to-suit projects with direct frontage along Beltway 8. In addition, users can take advantage of freeport inventory tax exemptions and other potential incentives available within Fort Bend County. 4M will lead the development and the venture has tapped Stream for leasing.
Tripp Rice, Partner at 4M Investments, said “We have had great success in southwest Houston over the last decade and been involved with many user transactions including Ben E. Keith, Best Buy and FedEx to name a few. Vacancy has dropped 2.4 percent in the just the last year signaling the robust nature of the leasing demand we have seen within the area and we want to take advantage of our remaining land available.”
“With vacancy sitting at an impressive 3.4 percent – a record low within the submarket – and the premier access of Waypoint Business Park located at the northwest corner of Beltway 8 and Highway 90, we have received significant pre-leasing interest and expect this to continue as construction progresses,” said Matteson Hamilton, Partner at Stream. “Given the close proximity to Houston’s largest population centers, coupled with the many logistical advantages this location offers, the southwest submarket has become a formidable distribution corridor for users of all kinds.”