HOUSTON—Stream Realty Partners will lease Alamo Crossing Commerce Center, a one-million-square-foot industrial complex in the Northwest industrial submarket, on behalf of Cornerstone Real Estate Advisers.

Chicago-based Cornerstone Real Estate Advisors, on behalf of a managed fund, recently acquired the industrial center from Colony Realty Partners, which represents their first industrial purchase in Houston.

Justin Robinson and Matteson Hamilton of Stream Realty will handle leasing efforts of the project while Scott Francis and Brandi Michel, also of Stream Realty, will oversee the property management.

The four-building distribution park's 1,047,797 square feet is currently 100% leased with lease rollovers anticipated in the next two to five years. Alamo Crossing is located along Highway 290 in the Northwest Houston submarket which has seen tremendous demand in the last year.

"Anytime you have the ability to purchase over a million square feet of class A industrial product in Houston's largest and most sought after submarket it generates significant interest in the investment community," Hamilton tells GlobeSt.com. "This project has state-of-the-art amenities, fantastic location, fantastic tenant base and the opportunity for immediate and long-term value creation."

According to Stream, the overall vacancy in the Northwest submarket dipped to 3.8% at the end of 2013. Hamilton predicts a strong 2014 with leasing demand continuing to outpace supply as well as continued speculative development across Houston.

The new assignment brings Stream's Houston industrial portfolio to over 16 million square feet.