Stream Realty Partners has broken ground on a spec distribution center in northwest Houston
The Northwest Logistics Center is rising on 26 acres off North Eldridge Parkway, just south of U.S. 290 and east of Beltway 8.
The 411,442-square-foot facility will feature 32-foot-tall ceilings, a fast response sprinkler system, docks on both sides of the building and storage space.
Brokers Matteson Hamilton and Justin Robinson are leasing the project, which is slated for completion in June 2018. The building can accommodate multiple tenants seeking space from 75,000 square feet and larger.
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Stream Realty has been planning the spec industrial project for some time, managing director Hamilton said. The northwest Houston industrial market has a 4.7-percent vacancy rate, and the vacancy rate is even lower for buildings over 50,000 square feet, he said.
"The submarket fundamentals couldn't be any stronger," Hamilton said in a statement. "With a scarcity of bulk distribution space available for lease, we are experiencing an incredible amount of leasing interest and expect this to result in significant pre-leasing."
Several large spec industrial projects have broken ground in recent months as retailers and e-commerce companies seek large distribution centers to ship goods direct to consumers. Oakmont Industrial Group, an Atlanta-based industrial developer, broke ground earlier this year on a nearly 700,000-square-foot spec warehouse in Katy, the largest speculative building under construction in Houston....Read more