Stream Realty Partners (Stream), a national real estate services, development and investment company, today announced that it has reached 100% occupancy in Phase I of the Empire West business park, which totals 1,036,057 square feet spread over three buildings. The feat was completed within four months of the end of construction. Stream will begin Phase II of development in September with delivery slated for Q2 2022.
Stream opened Empire West, a 300-acre industrial development, in June 2020 and delivered three buildings in April of this year. Building 1 is 163,144 square feet and is occupied by Warefor Solutions LLC, a new company that provides integrated solutions for product development, manufacturing, logistics, sales, marketing, warehousing, distribution and l execution of high quality home products. Building Two is 122,138 square feet and was purchased by Winix America Inc., a manufacturer of healthy appliances and air purifiers, and Building Three is 750,775 square feet and is occupied by Ferguson Enterprises, the most major US distributor of plumbing supplies, PVF, aqueducts, and fire and manufacturing products.
Justin Robinson, Managing Director and Partner at Stream, said, “Empire West exemplifies Stream’s entrepreneurial platform. Our team has executed at the highest level in all facets including land development, vertical development, leasing and property management. The market spoke about the quality of Empire West’s thoughtful design, its strategic location across from I-10, and its business-friendly location in Brookshire. We look forward to quickly launching our second phase.
Empire West Phase II will consist of six buildings totaling 2,318,305 square feet. The design of Phase II mirrors the design of Phase I, but on a much larger scale, with buildings ranging from 124,000 square feet to over one million square feet. When completed, 45 acres of land will remain on the site for future development.
“The rental demand for our first phase was off the charts and the result speaks for itself,” said Matteson Hamilton, Managing Director and Partner of Stream. “Based on market fundamentals and current user demand, we are going big with Phase II by providing the greatest flexibility to accommodate users of all sizes in the most modern buildings across the market. In addition, the County of Waller and the Town of Brookshire have been excellent partners, and we look forward to working with them on another successful phase at Empire West. “
Robinson, Hamilton and Jeremy Lumbreras, Senior Vice President of Stream, have represented Stream Realty Partners in transactions and oversee rental and marketing efforts during development.
Empire West is located in the burgeoning industrial sub-market of West Houston, home to some of Houston’s largest and most sophisticated distribution users. In recent years, there has been a westward migration from Houston to meet the distribution needs of not only greater Houston, but also surrounding regional markets such as San Antonio, Austin, and The Valley.
Lumbreras said, “As tenant size requirements increase and consumer appetite for expedited delivery increases, major distributors are planting flags in the Houston market where access to rooftops is critical. due to local demand based on consumption. Empire West’s strategic location meets these local needs and provides distributors with regional access to more than 16 million people within five hours of driving.
The Empire West project is overseen by Stream’s investment management platform which draws on the expertise of Stream’s 13 local offices to make investment decisions based on the fundamentals of supply and demand in time. real. Stream actively manages three combined discretionary funds, in addition to several joint ventures, and wholly owned assets totaling 33 investments of 14.7 million square feet and approximately $ 2 billion in assets under management.