315,000-SF Spec Project Coming to Satsuma Park

HOUSTON-PinPoint Commercial LP and Dallas-based Phoenix Capital Partners Ltd. are getting ready to add spec space to Satsuma Station Industrial Park. Satsuma Station Industrial Park. The 315,000-sf distribution center, projected to cost $16 million to $18 million, will deliver in first quarter 2009.

Situated on 20 acres at US Hwy. 290 and FM 1960, the speculative project is the second phase of the 115-acre Satsuma Station Industrial Park. Phase one is a 153,853-sf build-to-suit for FedEx Inc., which got under way in June 2007 and will be ready to occupy this November.

Charles Turner, CFO with PinPoint Commercial of Houston, says once the FedEx project is up and running that the timeline for the park’s build-out will be determined. He tells GlobeSt.com that it could reach one million sf, with a third building possibly getting breaking ground in mid-2009.

“We’ve already had some preleasing chatter on phase two and feel we can get at least 50% leased, if not more, on that within the next six months,” Turner says. The bulk distribution building is divisible to 30,000 sf. The building has been designed with a 30-foot clear height and 70 dock doors, with extra land available for storage.

“Houston gets maybe one or two large distribution tenants a year so the building isn’t designed just for those,” Turner continues. “But if that sort of tenant came in, we could accommodate it.”

Houston’s Powers Brown Architecture designed Satsuma distribution center. Turner says PinPoint will have a general contractor in place within one week to 10 days. CB Richard Ellis’ local office has the leasing assignment.