Tigerhawk doubles footprint in Port Houston amid high demand

Marks win for developers Stream Realty and Principal Asset Management; rental rates in the metro hit a record high of 79 cents per square foot in the first quarter

Tigerhawk Increased Industrial Footprint By 60% In Port Houston
Tigerhawk’s Nico Daily with Portside Logistics Center (LinkedIn, Stream Realty Partners)

Tigerhawk Logistics has more than doubled its footprint at an industrial development in Port Houston, one of the driving forces behind the city’s industrial growth.

Tigerhawk has leased just over 328,000 square feet at Portside Logistics Center, a more than 1 million-square-foot development spearheaded by a joint venture of Principal Asset Management and Stream Realty Partners. 

Tigerhawk will relocate from a separate building on site, where it leases 135,300 square feet. Tigerhawk’s new space will “enhance our operational efficiency and will enable us to secure more work and improve the turnaround of goods and services we provide,” said company president Nico Daily. 

Portside Logistics Center, at 4838 and 4908 Borusan Road in Baytown, offers access to major highways and Port Houston’s container terminals. The complex features a 760,400-square-foot cross-dock building and a 258,250-square-foot front-load building, both of which are LEED certified.

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Port Houston has seen an uptick in industrial development in recent years amid surging demand. In the first quarter of last year, 6.6 million square feet of new supply was added in the submarket, with 56 percent pre-leased. Roughly 7.7 million square feet of industrial space was under construction, and leasing activity totaled 8 million square feet. 

Elsewhere in Port Houston, oil and gas company Baker Hughes in March leased 225,000 square feet of industrial space at Scout Cold Logistics Center at 10575 Red Bluff Road.

Overall industrial development cooled in the first quarter. About 16.4 million square feet were in the pipeline, a decrease of 24 percent  from the previous quarter, and 56 percent year-over-year, in the overall metro, according to Partners Real Estate. While average rental rates reached a record high of 79 cents per square foot, vacancy increased 40 basis points to 7.4 percent compared to the previous quarter.

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