Industrial Park Getting First Spec Construction

Stream Realty Partners LP is acting as developer for a Dallas-based pool of investors, which earlier this year bought a 32-acre tract in the Beltway Crossing Business Park at Beltway 8 and US Hwy. 90. Thackeray's plan is to hold the balance of its land for a build-to-suit or possibly another spec project. The owner of record is TPRF II/SR Missouri City LP, a pool of investors that includes Thackeray Partners of Dallas.

"We're focusing on leasing up the first phase, then we'll move forward on the additional phase, says Justin Robinson, Stream's vice president in Houston. The new space is being marketed for roughly $5 per sf net.

"When you really look at the fundamentals of the southwest market, you find it's a really strong one for distribution, especially for cross-dock and front-loaded distribution space," says Robinson, who shares the marketing assignment with Stream senior associate Christopher Money and co-managing partner Kyle Valentine. The cross-dock can be divided to a minimum of 25,000 sf.

Robinson says Thackeray has no specific deadline when it comes to lease-up, starting the second phase or even its holding period. Powers Brown Architecture of Houston designed the building. Cadence McShane Corp.'s Houston team is building it. Construction costs aren't readily available, but similar buildings have gone up for $50 per sf to $60 per sf.

Beltway Crossing's owner, BC Business Park LP of Houston, has about 170 acres left to sell in its 330-acre foothold, which is being marketed by Holliday Fenoglio Fowler LP in Houston. In April 2007, Ben E. Keith Co. bought 82.2 acres for a 400,000-sf distribution center, which launched construction in last summer. The project is estimated at $84 million.