Stream Adds 1M SF Plus to Leasing War Chest

Preston Young, co-managing partner in Stream's Houston office, says some renovations are expected on the industrial side of the assignment, but none for the office addition. Colony Crossing, owned by McShane Corp., was developed in 2004 and is 40% leased while the 800,000-sf portfolio, owned by DCT Industrial Trust Inc. in Denver, is five years old and hovers 90% leased.

The class B office space, made up of the 24-year-old Timberway One at 15990 N. Barkers Landing Rd. on the west side and six-year-old Reserve at Greens Crossing II at 11410 Greens Crossing Blvd. in the Greenspoint submarket are owned by London-based Strategic Real Estate Advisors. The buildings are 83% leased.

Young tells GlobeSt.com that the main strategy on most of the portfolio is an ability to offer large blocks of contiguous space, which is at a premium in many Houston submarkets. On the office side, especially, there is an opportunity to hike rents as leases roll. "I'd say both properties are positioned to where there will be some significant rent appreciation over the next several years," he adds.

Young acknowledges that the more than five million sf of assignments under his office's umbrella is still a start. "We want that to be the tip of the iceberg," he adds.

CB Richard Ellis, the previous management and leasing company for the office portfolio, and Boyd Commercial, which handled Colony Crossing at 10207-15 S. Sam Houston Pkwy. West, didn't return telephone calls seeking comment on the assignment changes.

The DCT properties under Stream's wing are the 86%-leased, 236,000-sf Gateway at Central Green I and II and 1606 and 1610 Greens Rd. on the north side. In the southwest submarket, the properties are the 79,252-sf Corporate IV at 12603-13 Executive Dr.; 71,190-sf building at 505-25 Julie Rivers Dr.; 148,513-sf warehouse at 12505 Reed Rd.; and 229,200-sf structure at 4000 Greenbriar Dr. Occupancies range from 70% to 100%.

It had been incorrectly reported the new assignment included the 273,000-sf Bondesen Business Park at 6650 W. Sam Houston Pkwy. North and 208,000-sf Beltway 8 Business Park at 10060 W. Sam Houston Pkwy South. Vantage Cos. oversees those assets as a result of a previous assignment.