HOUSTON – (Realty News Report) – Stream Realty Partners has finished developing Bay Area Business Park, a 3.3-million-square-foot industrial campus located near Port Houston and playing a significant role in the region’s active industrial real estate market.
The park’s final three speculative buildings, totaling 1.3 million square feet, were completed and delivered on June 8.
Spanning 232 acres, Bay Area Business Park is owned by Principal Real Estate Investors, a global investment manager and insurer, and is one of the largest single-owner business parks in the Houston area.
Principal and Stream Realty Partners broke ground on the initial 137 acres in 2007, launching the project in multiple phases with plans to develop speculative bulk warehouse buildings based on market demand.
“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 remain committed to the growth of the city of Houston and are extremely proud of what we have accomplished with Stream’s help.”
In 2019, Principal acquired an additional 95 acres to support a third phase of the development. The project, positioned near the intersection of Red Bluff Road and Bay Area Boulevard, has attracted major tenants including Floor & Décor, Calpine, Honeywell and Dunavant.
The recently completed 1.3 million-square-foot phase was 20 percent pre-leased at delivery, and leasing activity is ongoing for the remaining available space, said Justin Robinson, Partner at Stream.
Bay Area Business Park lies within Foreign Trade Zone #84 and is located close to the Bayport Container Terminal, enhancing its strategic logistics value for import/export operations.
Construction activity across Houston’s industrial market remains robust, with approximately 17.1 million square feet currently under construction, according to a recent update from NAI Partners. Year-to-date leasing totals have reached 9.2 million square feet, while vacancy sits at about 7.9 percent.
July 14, 2020 Realty News Report Copyright 2020
File: Bay Area Business Park