(Read more on the industrial market.)

SAN ANTONIO-The recently formed Santa Barbara Development Services is partnering with Australia’s DB Rreef Trust on a $100-million plan to build 1.5 million sf of industrial space in the region. The program’s being ramped up within weeks of the local developer selling its interest in a one-million-sf portfolio to the trust.

The new partners will break ground within 30 days on five buildings in Interchange Park. Within 60 days, industrial projects will get under way in Tri-County Business Park in Schertz, TX, the Port of San Antonio and Cornerstone Business Park.

Ron and Barbara Mills, the San Antonio partners of Albuquerque-based Titan Industrial Development, and Don Wittschiebe, former development director for Titan, have formed Santa Barbara Development Services for the venture with DB Rreef. The development agreement is expandable, Ron Mills says.

“DB Rreef has an appetite for stable buildings and we have the mission to develop new ones,” Mills tells GlobeSt.com. “It’s a good match.”

In late July, Santa Barbara Development Services sold its interest in a one-million-sf portfolio in the region to DB Rreef for $57.5 million. The package was developed by Titan Industrial and Santa Barbara Realty Services.

The recently sold warehouses, office/service, flex and rail-served buildings are a combination of finished space or are in the process of being completed. The portfolio is situated in the Port of San Antonio, Alamo Downs Business Park, near Interstate 410 and Culebra Road in the northwest submarket and Interchange Park. The portfolio’s average occupancy is 77%. And the average length of time on leases is 7.7 years.

With its eye on the future, Santa Barbara Development Services and its new partner’s largest project will add 550,800 sf to the Port of San Antonio along Billy Mitchell Road on the city’s West Side. At Tri-County Business Park at the junction of Interstate 35 and FM 3009, the plan is to build 408,527 sf. Another 339,875 sf will go up in Interchange Park, situated at the intersection of Interstates 410 and 35. And in the northwestern tier, they will build 251,000 sf in Cornerstone Business Park, situated at Interstate 10 and Loop 404.

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