HOUSTON – (Realty News Report) – Cabot Properties has purchased 13 acres in Northwest Houston to develop a speculative industrial project.
Stream Realty Partners has been engaged by Cabot to provide leasing, property management and development management services for the project, named Axis Northwest Distribution Center. Plans call for a 201,240-square-foot front-load distribution building on the parcel at the southeast corner of Fallbrook Drive and Windfern Road, just inside the Sam Houston Parkway.
In today’s market, this site is considered an infill location.
Boston-based Cabot Properties has been active in Northwest Houston for years, including its 2014 acquisition of the Clay-Campbell I and II industrial buildings from EastGroup Properties.
Land suitable for development in Northwest Houston has become increasingly scarce in recent years.
“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 contains more than 100 million square feet of institutional-quality product and is the largest industrial submarket in Houston. Leasing demand remains strong, particularly for infill Class AA buildings, which is Cabot’s rationale for building Axis.
2 Million SF of Deals with More In the Pipeline
Over the last six months, tenants have executed leases totaling more than 2 million square feet in the submarket, with additional transactions expected to close in the coming months.
“The northwest submarket continues to outperform in Houston,” said Matteson Hamilton, Managing Director and Partner at Stream. “When you factor in the numerous deals soon to absorb new developments coupled with a severe lack of new construction in 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 creating a vision between Cabot and Stream.”
Damian Bailey, Managing Director at Cabot, added, “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 collaborate across multiple facets: identification of acquisition and development opportunities, leasing, property management and development management.”
Stream’s Justin Robinson and Matteson Hamilton will represent Cabot on leasing for the project. Tyler Wellborn, Kyle Fletcher and Erin Patterson will oversee development management for Stream.
Founded in 1996, Stream has grown to more than 950 real estate professionals with offices across the U.S., including 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.