StoneBridge Real Estate Development & Investments, with projects under way in the eastern and northern sectors, will break ground in 60 days on acreage near the intersection of Clay Road and Hempstead Highway, Chris Kugle with NAI Houston tells GlobeSt.com. Build-to-suit interest could alter the plan, but the developer expects to start with a pair of 20,000-sf spec warehouses, according to Kugle.
Kugle says StoneBridge's tentative plan calls for six to eight, crane-served warehouses ranging from 20,000 sf to 40,000 sf. The all-in development cost is still being fine-tuned, but the land acquisition alone hit the market rate's sweet spot of $2 per sf to $3 per sf, he confirms. StoneBridge acquired the last undeveloped tracts in the vicinity owned by Transwestern Clay Distribution I LP, which raised two large tilt-wall warehouses on adjacent land. Brian Gammill with locally based Transwestern Commercial Services steered the sale.
Kugle, NAI principal John Ferruzzo and associate Travis Land will be marketing the new product on a "for sale" or "for lease" basis, with the first delivery set for late third quarter. Kugle says the prices have yet to be set. Edwards & Kelcey Inc. of Houston is designing the park. StoneBridge is the general contractor.
Kugle says StoneBridge, marking its fifth year, will build eight spec buildings this year in the metro. Its other land holdings are situated in Seaco Business Park to the east and Interbelt North Business Center in the northern tier.
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