Dallas-based Stream Realty Partners will soon break ground on the third phase of Bay Area Business Park, at 9501 Bay Area Blvd. in Pasadena, which is owned by Iowa-based Principal Real Estate Investors.
Update: Tom Dosch, principal at Dosch Marshall Real Estate, told the Houston Business Journal that he represented Stream Realty in purchasing the 95-acre land tract where phase three will be built.
Dallas-based Stream Realty Partners will soon break ground on the third phase of Bay Area Business Park, at 9501 Bay Area Blvd. in Pasadena, which is owned by Iowa-based Principal Real Estate Investors.
Phase three will be built on 95 recently acquired acres, according to a press release. The expansion will consist of three buildings, totaling 1.33 million square feet, at 250,000, 300,000 and 784,000 square feet, respectively, the release reads. The largest building can be expanded to 1 million square feet, if needed.
“Stream closely monitored overall submarket fundamentals and noted vacancy at an all-time low in the southeast submarket,” Justin Robinson, partner at Stream, said in the release. “These statistics, coupled with the extremely strong annual absorption trends, motivated us to build additional space and capture demand anywhere from 57,000 to over 1 million square feet.”
In 2009, Stream delivered the first phase of Bay Area Business Park, totaling 1.2 million square feet. The second phase totaled almost 850,000 square feet and was completed in 2016, per the release.
Floor & Décor, Calpine, Honeywell and Dunavant are tenants in Bay Area Business Park, the release reads.
“Upon completion of phase three, Bay Area Business Park will be the largest single-owner industrial business park in Houston at over 3.35 million square feet,” Robinson said in the release.
The third phase is being developed and leased by Kyle Valentine, Robinson and Jeff Pate of Stream. Houston-based Powers Brown Architecture designed the project, and Katy-based Rosenberger Construction is the general contractor, the release reads.
“We are thrilled to be underway on phase three at Bay Area Business Park,” Casey Miller, managing director at Principal Real Estate Investors, said in the release. “We are committed to Houston and are excited about this opportunity to grow our presence at the doorstep to Port Houston.”
Bay Area Business Park won the Houston Business Journal’s 2017 Landmark Award in the Industrial category for the completion of phase two.
Feb 27, 2019
Jonathan Adams
Houston Business Journal
