The Birmingham, AL-based bank plans to add up to 20 branches in the Greater Houston area, Randy Mason with the Houston office of Colliers International tells GlobeSt.com. Right now, it operates 18 branches in the region.
SouthTrust's newest purchase, 1.4 acres, sits at the intersection of FM 1960 and North Eldridge Parkway. Mason says construction will begin within 90 days on a 4,400-sf, drive-through facility. The project is slated for completion by year's end.
Seller Harborstone Partners LP of Dallas was represented by Bill McDade of McDade, Smith, Gould, Johnston, Mason + Co. in Houston. Industry sources say land in the area generally sells for $15 per sf to $20 per sf. The bank's new site was on the market for $20 per sf.
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