Stream Realty to Lease 865 KSF Houston Industrial Park – What is a Ground Lease?
Arden Group subsidiary Arden Logistics Parks has hired Stream Realty Partners as exclusive leasing agent for North Park 34, a 865,000-square-foot industrial park in Houston. Arden bought the 34-building portfolio in November 2021 from HPI, for just under $80 million, according to CommercialEdge data.
Stream Realty Partners Senior Vice President Boone Smith, Senior Associate Abraham Richardson, and Associate Meg Zschappel are the leasing agents in charge, while Analyst Jax Rawlinson will also provide leasing support.
Since acquiring it, the owner has implemented a capital improvement program at the property, resulting in 436,000 square feet of space being leased. Upgrades included new exterior paint on all buildings, new energy-efficient lighting, interior renovations for 21 suites and the installation of a drought-tolerant system to reduce water consumption.
The repositioned North Park 34 is at the northwest corner of Beltway 8 and Hardy Toll Road. It includes suites that range in size from 1,500 to 40,000 square feet. Buildings feature clear heights between 13 and 17 feet, semi-dock and dock-high loading configurations, on-site property management, ample parking space, and multiple space layouts.
The Class B, multi-tenant industrial park provides easy access to interstates 69 and 45. The property is 6 miles from George Bush Intercontinental Airport, 14 miles from downtown Houston, 35 miles from Sugar Land, Texas and within 40 miles of League City, Texas.
Houston maintains steady industrial supply
In September, Stream Realty Partners, together with Principal Asset Management, completed Portside Logistics Center, a two-building, 1 million-square-foot logistics center in Southeast Houston’s Port Industrial submarket. Stream will also market the property for lease.
Triten Real Estate Partners also completed a 357,570-square-foot, two-building industrial project in Houston. Fairbanks Northwest Distribution Center is 19 miles from downtown Houston and available for lease, with Cushman & Wakefield as exclusive leasing agent.
Due to its coastal location and access to key industries and Southern distribution routes, Houston maintains its popular position for new industrial development. According to a recent CommercialEdge report, Houston had 17.2 million square feet of industrial space under construction as of October, representing a 5.0 percent expansion of stock. In-place rents were up 4.1 percent year-over-year, which was below the nation’s 7.6 percent—a potential result of new inventory being brought online.
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In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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Read MoreBrokerage, Houston, Industrial, News, Southwest, Arden Group, Stream Realty Partners Commercial Property ExecutiveOwner Arden Group repositioned the property since acquiring it in 2021.
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