A joint venture of Transwestern Development Co. and Diamond Realty Investments has acquired a 20.8 acre parcel in Sugar Land for the development of a speculative warehouse/distribution property called Sugar Land Crossroads.
The site, at West Dairy Ashford and Airport Boulevard, will house 326,792 square feet in two buildings. Spaces ranging from 28,000 to the entire 326,792 square feet will be marketed for lease.
“This site presents an opportunity to develop high-quality industrial product in a proven area with limited land supply and favorable tax rates,” Ben Newell, partner in Transwestern’s National Logistics Group, said in an announcement. “Industrial users are seeking modern space with higher clear heights, ESFR sprinkler systems and larger truck courts to significantly improve operating efficiencies.”
The buildings will have 32-foot clear heights and share trailer parking spaces and a 255-foot truck court. Building 1 will contain 126,814 square feet with a front-load configuration, while Building 2 is designed with 199,978 square feet as a cross-dock facility.
The project will be part of the Sugar Land Business Park, a 1,000-acre development near U.S. 59 and U.S. 90A with 79 buildings totaling 7.5 million square feet. The park has a vacancy rate of 3.4 percent, about 240 basis points below the southwest submarket average, according to Transwestern.
Population growth in Sugar Land, Missouri City and Richmond/Rosenberg is driving demand for industrial property in the southwest region, according to Transwestern.
Transwestern Development Co. is a division of Houston-based Transwestern. Diamond Realty is the real estate investment arm of Mitsubishi Corp.