Local Developer Planning $3M Spec Project

HOUSTON-A local developer, BRG Cornerstone, has paid close to $625,000 for a 9,000-sf office/warehouse and 7.2 acres in northwest Houston. The property was sold by Atlanta-based DS Waters of America LP, which currently occupies the building.

BRG Cornerstone hopes to sell or lease up the 15-year-old building and plans to develop four 12,000-sf speculative buildings on the excess land along Cranswick Drive. The construction has a price tag of about $2.5 million, according to an industry expert familiar with the project.

“The land is in a good part of town,” Travis Land, an associate with NAI Houston, tells GlobeSt.com. “It’s tough to find any freestanding buildings in northwest Houston.” He and John Ferruzzo represented BRG Cornerstone in the acquisition of 4849-Cranswick Dr. Bill Rudolf and Gray Gilbert with CB Richard Ellis Inc.’s local office negotiated on the seller’s behalf.

DS Waters expects to vacate the building in 30 days, according to Land, who will team with Ferruzzo to market the property. Land says sellers are looking at $55 per sf to $60 per sf for the going-in asking rate while tenants will be courted with $6.60 per sf, triple net.