SAN ANTONIO-A virtually ignored 69-acre plot is now in the possession of a local developer, who plans to build up to one million sf of flex space on the site. Cross & Co. also plans to create pad sites on about one-third of the acreage for resale to users in the far northwest submarket.

Cross & Co. acquired the land at the junction of Tradesman Drive near Interstate 10 and Loop 1604 from a private partnership, Tradesman LLC of St. Louis. The new owner will begin infrastructure work within four months plus plat the dirt for the pad sites, which are earmarked for office buildings in the 10,000-sf to 12,000-sf range. Pad sites will be sold for $5 per sf.

Cross plans to develop 12 to 15 warehouses and call center-type buildings, each 45,000 sf on the remainder of the land. Development costs are being fine-tuned, but comparable space has cost $60 per sf to build.

“We want to sell our first lots sell within the next six months. We’ll begin our first spec buildings within the next year,” says Ryan Smith, vice president with Cross & Co. He tells GlobeSt.com that there are contracts already in hand for some lots, which will be sold following plan approvals. “We’re not going to run out of land any time soon for users, but it demonstrates how much pent-up demand for this type of product there is in the I-10 corridor,” he says.

Kit Corbin, senior marketing consultant for Grubb & Ellis Co.’s San Antonio office, says the acreage had been on the market awhile and virtually ignored because of its location near a quarry and zoning challenges. Corbin, who represented the seller, adds large land tracts are scarce in the far northwest submarket. And, he adds, Cross recognized the potential use for the property.

“People didn’t realize what could be done with this until Cross came forward and thought they could make sense out of it,” Corbin says. “They’re turning this into a great deal for themselves.”

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