NorthPoint Development is taking ownership of a little over a quarter of the Empire West industrial site in Houston. The CRE firm has bought buildings 1, 3 and 8, spanning roughly 1.04 million square feet and an outdoor storage yard that sits on 16.6 acres, from Stream Realty Partners.
The full Class A portfolio takes up nearly four million square feet across 10 buildings. The site at 100 Empire Boulevard in Brookshire is already fully leased to major tenants, including Tesla, H-E-B, Ferguson Enterprises and Pro Pac, after just finishing up development in 2025.
The full occupancy of the portfolio speaks to the strength of Houston's industrial sector, especially around higher-quality assets, according to Stream Realty.
"From best-in-class design to a roster of nationally recognized tenants, this portfolio embodies what institutional investors are seeking in today's environment: scale, stability, and opportunity for long-term value creation," Matteson Hamilton, executive managing director and partner at Stream, said in a statement.
Houston was a standout for rent growth in CommercialCafe's national industrial December report. The city posted 5.5% a gain, while the vacancy rate was 6.2 percent. That comes as industrial stock has expanded by 20 percent over the past five years.
Stream first bought the land that Empire West was built on in 2019 before delivering the multi-phase project. In the last 12 months, the Dallas-based firm said it has sold more than $1 billion worth of assets.
Stream's capital markets team led the Empire West deal, with some help from its investment management unit and Eastdil Secured.
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