HOUSTON-Days after acquiring a $181-million, 2.1-million-sf, airfreight portfolio, AMB Property Corp. has signed a long-term contract with Stream Realty Partners to lease and manage the local 913,000-sf component. The contracts start out with occupancy at 85%.
Effective immediately, Stream is taking keys to the AMB IAH Airfreight Center at George Bush Intercontinental Airport. The asset, built between 2000 and 2002 at 2928 and 3340 Greens Rd., consists of six class A distribution buildings developed and managed by J.A. Green Development Corp., headquartered in Grapevine.
Kyle Valentine, Stream's co-managing partner, says there are several letters of intent and pending leases for the 15% vacancy. "Our goal is obviously to fill up the remaining vacancies," he tells GlobeSt.com. "We're excited about this because several tenants have expressed immediate interest for more space. Hopefully, we'll be able to have some organic growth within the existing tenant base to get this fully leased in quick order."
Valentine says the roll is diverse, yet fairly stable, with nothing alarming slated to happen during the next couple of years. Lead tenants are Transaction Packing Inc., Aftco Enterprises, Expedited Logics and Associated Global Systems. The quoted rate is $7 per sf gross for warehouse spaces and $16 per sf full service for office mezzanine spots.
On the management side, Valentine indicates Stream already has on-site property management in place and will shortly add an on-site property engineer. "Our goal is to continue providing an excellent level of service to tenants they've come to expect out there," he says. AMB Property could not be reached for comment.
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