310,000 SF of Class A tilt-wall warehouse on 20 acres in northwest Houston. 72% pre-leased before construction begins.
Thrive 3PL, a quickly scaling Houston-based logistics company, has committed to a 10-year NNN lease on 72% of this project before construction begins. Thrive is the developer’s own operating company. This facility is a capacity expansion driven by existing client demand.
As an “owner occupied” project, it qualifies for exceptional development loan terms with higher available loan-to-value, generating outstanding returns.
RSC Riverside and Lobdell Capital are raising $2M in bridge equity to close on the land by May 9. Land investors earn a 10% preferred return and exit at a 1.33x multiple in under nine months. At takeout, you choose: take your cash, or roll into the full development at a 10% equity discount only available to land-stage investors. Investors who roll target a 2.33x multiple and 30%+ combined IRR.
RSC Riverside secured the land at $5.00/SF in December 2025. Six weeks later, the Houston Texans announced Toro District, an 83-acre sports and entertainment destination in Bridgeland, seven minutes from our site. The project is a partnership between the Texans, Howard Hughes Communities, and Harris County, projected to generate $34 billion in economic impact and 17,000 jobs.
The 290 corridor is repricing around us in real time. Land investors in this project benefit from having locked the basis before the single largest economic catalyst this corridor has ever seen.
Houston Texans Global HQ + 83-acre mixed-use destination. Seven minutes from site. Partnership between the Texans, Howard Hughes Communities, and Harris County.
One of the fastest-growing areas in Greater Houston. Waller County population grew 13.4% since 2020. Hockley home sales up 43% year-over-year.
12+ master-planned communities in active development. Bridgeland ranked #3 in Texas for home sales in 2025 (RCLCO). Howard Hughes projects 70,000 residents at buildout.
Short duration, defined outcome
The complete build
| Exit Year | Total Returned | Equity Multiple | LP IRR |
|---|---|---|---|
| Year 3 | $159,101 | 1.59x | 16.8% |
| Year 5 | $201,807 | 2.02x | 15.5% |
| Year 7 | $250,919 | 2.51x | 14.8% |
The roll advantage: A $100K LandCo investor who rolls into DevCo puts $100K out of pocket but enters DevCo with a $147,854 equity position (LandCo profit + 10% discount). On a 3-year hold, the combined IRR is 33.1% with an equity multiple of 2.35x.
72% committed on a 10-year lease before the first shovel hits dirt. This is not a speculative development.
Thrive's commitment enables 75% LTC construction financing — reducing equity required by millions compared to a spec build.
The Houston Texans' Toro District announcement post-contract is repricing the corridor. Bank appraised at $6.50/SF vs. $5.00/SF contract price.
Worst case: land sells at appraised value or higher, returning capital at an estimated 1.5x–2.0x.
GC budget complete. Civil engineering, site planning, and entitlement work underway. This is execution, not exploration.
Principal, Lobdell Capital
Eric is an operator-investor who acquires, builds, and scales real assets and businesses. He founded Lonestar Trade, a multi-channel e-commerce business that generated over $100M in revenue, then applied that operational discipline to real estate, acquiring distressed self-storage assets, expanding them, and delivering outsized returns. He is the founder of Thrive 3PL, the anchor tenant pre-leasing 200,000 SF in this project. Eric invests his own capital alongside his partners and operates the businesses inside the assets he develops.
CEO, RSC Riverside Construction
Christian is the CEO of RSC Riverside Construction, a veteran-owned Houston commercial construction firm with over 20 years of experience and more than 4,000 completed projects. RSC Riverside has been a trusted construction partner for the Houston Airport System, George Bush Intercontinental Airport, and United Airlines for over 15 years. Christian leads the firm’s real estate development and ground-up construction practice, with approximately a dozen active industrial development projects across Houston and millions of square feet of tilt-wall construction delivered.
| Role | Name | Firm |
|---|---|---|
| Sponsor / Capital | Eric Lobdell | Lobdell Capital |
| Sponsor / Construction | Christian Goedde | RSC Riverside Construction |
| CRE Brokerage | Mason Alsbrooks, SIOR, CCIM | Lee & Associates |
| Capital Markets | Jackson Randolph | Versal Partners |
| Capital Raising | Mike Spears, SIOR, CCIM | Lee & Associates |
| Legal | Andrew Raish | Ressling & Raish, PLLC |
Closing May 9, 2026
The land is under contract. The tenant is committed. We close or we lose it.
This page is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Investment involves risk, including loss of principal. This opportunity is available only to accredited investors. Past performance of the sponsor’s other ventures is not indicative of future results.