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[IMGCAP(1)]FORT WORTH-A USAA Real Estate Co.-led partnership is ready to park a 428,400-sf distribution center in the 633-acre Railhead Industrial Park as it ramps up a build-out strategy to add one, maybe two, buildings per year. The estimated $17-million project is the partnership’s first construction in 18 months.

USAA Real Estate Co. bought the park’s controlling interest in December 2004 from local developer, Railhead Properties Inc., creating Zephyr Rail Industrial LP as the owner of record. “Clearly, the dynamics of the industrial market require product to be in place to meet delivery requirements for corporate America,” David Buck, managing director of San Antonio-based USAA, tells GlobeSt.com. “As we see some leasing velocity on this project, we’ll move forward on the next building. I can’t envision at least putting one building on the ground each year.” And, he adds, if leasing velocity lives up to his expectations then “I think it’s going to be that we’ll double up.”

Ticketed for an August delivery, the 30-foot clear height structure will sit on about 18 acres at the intersection of Railhead Road and Loop 820 in North Fort Worth. The building is coming out as spec. “There are some opportunities floating around the market,” Buck says. “”Based on the vacancy rate, deals that are floating and whispers, I feel we’ll have it leased upon delivery.” He says the most likely scenario is building will end up with two tenants. The dual rail-served structure is divisible to 70,000 sf. The quoted rate has yet to be set.

[IMGCAP(2)]USAA pulled the trigger on the construction after occupancy reached 100% in July on Zephyr’s existing six million sf of bulk distribution and warehouse space. There are nine sites left to develop, opening the door to roughly another four million sf. Eight months ago, USAA put CB Richard Ellis’ Dallas team, led by executive vice president Dave Anderson, at the helm of the park’s leasing and development plan to get more spec on the ground. Pat Cornell and Abbie Greer with Railhead Properties are managing the day-to-day development duties. Ridgemont Commercial Construction of Irving is the general contractor.

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