HOUSTON – (Realty News Report) – Stream Realty Partners has announced the closing of four new lease agreements at Waypoint Business Park, totaling more than 212,800 square feet.
This activity highlights the accelerating strength of the industrial market in Southwest Houston and Missouri City, where warehouse construction has surged in recent years.
In the third and fourth quarters of 2020, Stream’s industrial leasing team—Matteson Hamilton, Justin Robinson and Woody Hillyer—represented ownership, a joint venture between Houston-based 4M Investments and New York-based Clarion Partners, LLC, in four separate leases.
“With the site’s exceptional location in the heart of Houston’s Southwest industrial market, and the unusually high demand it is experiencing, we are confident this momentum will continue into 2021,” said Tripp Rice, Partner at 4M Investments.
The recent tenant signings include Advanced Wheel Sales, which leased 65,520 square feet in Building 2; Edvivi Lighting, which leased 52,210 square feet in Building 3; Rasa Floors, which leased 25,169 square feet in Building 4; and Texas Plumbing Supply, which leased 69,865 square feet in Building 2. Delivered in the first quarter of 2020, Waypoint Business Park currently consists of four buildings totaling over 700,000 square feet, with the potential for a second phase of construction in the near future.
“Demand remains strong in the Southwest Houston industrial market, and we expect this trend to continue as we move into 2021,” said Matteson Hamilton, Partner and Senior Managing Director in Stream’s Houston office. “From our perspective, Southwest Houston has been one of the most active submarkets this year. Even with recent new supply, we expect Waypoint to continue to outperform and to increase occupancy in the near term.”
The Waypoint campus occupies 60 acres in Missouri City in southwest Houston, with access to Beltway 8, Highway 90, and S. Gessner Road via Cravens Road. In recent years, this part of Houston has emerged as a primary distribution hub for logistics and last-mile operations because of its immediate access to major highways and nearby distribution centers. Stream Realty reports approximately 496,000 square feet remain available for lease at Waypoint Business Park.
Elsewhere in Southwest Houston, Trammell Crow Company and joint venture partner Artis REIT, a Canada-based real estate investment trust, recently broke ground on a 676,860-square-foot speculative industrial project within Park 8Ninety, a 129-acre business park located near the intersection of Beltway 8 and US 90A.
After being overlooked for decades, the southern sector of Beltway 8 has experienced rapid industrial growth over the last four to five years. With convenient access to US 90A, the Southwest Freeway, Highway 288, the Fort Bend Toll Road and other major routes, the area offers strong logistics advantages. Major developers including Hines, Welcome Wilson and Clay Development have moved into the South Belt market with speculative industrial projects and build-to-suit facilities.
Amazon recently announced plans for a roughly 1 million-square-foot facility in the Missouri City area near Highway 6 and the Fort Bend Toll Road.
Dec. 18, 2020 Realty News Report Copyright 2020
File: Stream Realty Reports Strong Leasing
File: 4M Investments. Clarion Partners. Stream Realty Reports Strong Leasing in Southwest Houston. Beltway 8. Missouri City.