Stream Realty Partners Secures 135,285 SF Industrial Lease With Tigerhawk Logistics At Portside Logistics Center
4838 Borusan Rd & 4908 Borusan Road
Building Size
270,570 SF
Asset Type
Industrial
Closing
Dec 5, 2023
AI
The Portside Logistics Center near Port Houston in Baytown has finalized a 135,285-square-foot industrial lease. The lease was signed by Tigerhawk Logistics and negotiated by Savills on behalf of the tenant and Stream Realty Partners on behalf of the owner. With this deal, Building 2 of the 1 million-square-foot development is now at 52 percent occupancy.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: N/A
- Address: 4838-4908 Borusan Road
- Market: Baytown
- Landlord: Principal Asset Management - Patrick Halter
- Tenant: Tigerhawk Logistics - Ruben Sanchez
- Landlord's Rep: Jeremy Lumbreras & Tyler Maner - Stream Realty Partners
- Tenant's Rep: Grant Hortenstine & Pearce Martens - Savills
The Portside Logistics Center lease signifies the strong demand for industrial space in the Baytown market. Stream Realty Partners and Savills worked together to facilitate this agreement, ensuring the successful occupancy of Building 2 in the development.
Players
Baytown Industrial Market Snapshot
Boundary boundary · Industrial · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93