StoneBridge Real Estate Plans 32 Acres of Flex

Jeffory Stringer, managing director for the Houston-based developer, says the initial plan calls for development of up to 110,000 sf of tilt-wall buildings on seven acres fronting Texas 3. Transportation infrastructure development is needed before the project can go vertical. The developer plans to build some spec while marketing interior tracts for build-to-suit and design-build projects.

"In the back, we want to do three-to-five acre build-to-suits and larger, if possible," Stringer tells GlobeSt.com. "The back portion could hold two or three buildings, depending on how much land is needed."

All-in-costs for the project have not been determined nor has a groundbreaking date been set. But, land prices in the submarket can range from $8 per sf to $12 per sf.

StoneBridge has several other projects in the pipeline in the Greater Houston suburbs. In Missouri City, the developer plans to break ground in 30 days on an $8.5-million showroom, the first of seven buildings planned for 10.5 acres along South Gessner Road. The 13,000-sf showroom will deliver late in the third quarter. Stringer says the development will consist of a mix of build-to-suit, speculative and design-build from 13,000 sf to 30,000 sf.

Also, StoneBridge has finished the last of four buildings on its 11-acre parcel in Seaco Business Park on the city's northwestern side. The development includes two spec buildings, a build-to-suit and one design-build. "I am completely out of land at Seaco," Stringer says, adding the project was completed 12 months ahead of schedule because the build-to-suit project required four acres.

In Deer Park in the southeastern submarket, StoneBridge sold a recently completed, 22,936-sf building at 1002 W. 8th St. to Tracer Construction Co. The lease-buy deal was engineered by John Ferruzzo, Chris Caudill, and Joel Michael of NAI Houston. Just completed is a 17,000-sf building that Stringer says he's confident it will be leased or sold shortly.