Stream Team Takes Charge of 2M SF of Industrial

(Read more on the industrial market.)

DALLAS-Stream Realty Partners LP’s industrial group has racked up 1.76 million sf of additional leasing and management pacts in Dallas/Fort Worth. With all three portfolios, there was competition, but no hard-fought battle on an open court.

“These are assignments that we’ve been pursuing for a long, long time,” Chris Jackson, managing director of the three-year-old division, tells GlobeSt.com. He credits the wins to longstanding relationships with the owners, Agellan Capital Partners Inc. of Toronto, Ontario, Cobalt Capital Partners LP of Dallas and Phoenix-based Opus West Corp. There are no comments from the ranks of the former overseers about the assignment losses. The triple run pushes Stream’s third-party portfolio to 7.6 million sf in the metroplex.

The Agellan piece is the largest: 817,966 sf in six buildings. The space is 68% occupied by local tenants. The reins were taken from CB Richard Ellis.

“I’m not sure who our competition was, but we had a relationship with Agellan in Houston and Austin so it is natural from a property management and accounting standpoint that it made sense for us to work with them in Dallas as well,” Jackson explains.

Stream vice president Kevin Morrison, leader of the Northeast Dallas team, is hitting the ground running with the 32% vacancy. “He is responsible for going in and getting leases done quickly,” Jackson says.

The Opus West package is a 489,796-sf empty shell, built in 2004, and 155,167-sf distribution center with a 117,137-sf vacancy. The 121 Lakepointe Crossing duet at 2525 E. Texas 121 had been leased and managed by Lee & Associates Dallas. Its new team is Jackson, vice president Bob Hagewood and associate Blake Kendrick.

“There are a couple deals that have a pretty good chance to make,” Jackson says. “There are lots of tenants interested and lots of RFPs that we’re responding to.”

Cobalt’s seven-building assignment is the outcome of a Stream-led sale. The 244,106-sf portfolio, listed at $12 million, drew a dozen offers, according to Jackson, who will have associates Colby Annett and Blaine Annett at his side to help lease and manage it. The seller was Janet Shaw of locally based Jackson-Shaw Co. Inc., which had its in-house team in charge of the 94%-leased portfolio until the sale. It too is filled with local tenants.

None of the assets will undergo major overhauls although “there’s lots of prepping to be done,” Jackson explains. “What we hope to do is bring some creativity and marketing ideas to the properties and reintroduce them to the market. And, just hustle.”

In the Agellan portfolio, the Dallas properties are a 178,200-sf building at 12750 Perimeter Dr., 95,671-sf building at 12770-98 Perimeter Dr. and 37,352-sf building at 10575 Vista Park Rd. One building, 205,427 sf, is situated at 4248-52 Simonton Rd. in Farmers Branch and the remaining three are located in Garland–a 214,650-sf building at 2701-2805 S. Shiloh Rd., 65,700-sf building at 2179 S. Shiloh Rd. and 20,800-sf building at 2159 S. Shiloh Rd.

The Cobalt package consists of a 60,005-sf distribution center at 1001 Avenue R in Grand Prairie; 34,200-sf building at 4150 Kellway Circle in Addison; 31,718-sf building at 3222 Skylane Dr. in Carrollton; 27,200-sf building at 8120 Jetstar Dr. in Irving; 20,000-sf building at 1104 Capital Dr. in Plano; and 31,970-sf building and 29,817-sf neighbor at 4125 and 4122 Billy Mitchell Dr., respectively in Addison.