Market briefs
Hobby area: Constellation Developing Industrial Project
In Houston, Constellation Real Estate Partners, an investor and developer of logistics properties, in partnership with Cadre, has purchased 20.8 acres of land on the northeast corner of Beltway 8 and Telephone Road for a new industrial project.
The development will be a two-building, 192,306-SF rear-load industrial project known as Constellation Telephone. Completion is scheduled for the first quarter of 2024.
Zack Taylor of Colliers assisted Constellation Real Estate Partners in the purchase. Taylor and John Nicholson of Colliers will oversee leasing of the new development, designed by Seeberger Architecture.
“The Houston industrial market remains one of the strongest markets in the country evidenced by a vacancy rate below 4 percent and over 30 million SF absorbed in 2022,” said J.W. Fields, Partner at Constellation Real Estate Partners.
Constellation Telephone is set to feature 28’ clear heights, and excess land for additional parking/outside storage. Building 1 will be 93,813 SF and Building 2 will be 98,493 SF.
Houston’s South Belt/Beltway 8 industrial market has exploded with new construction in recent years with numerous warehouse being built from the Southwest Freeway on the west to Telephone Road on the east. IDV has signed a full-building, 603,389-SF lease with Penske at South Belt Central Business Park, located along Beltway 8 near Highway 288.
Constellation Real Estate Partners, founded by Jeremy Giles and Hien Le, is a commercial real estate firm specializing in the investment and development of logistics properties throughout Southeastern and Southwestern United States.
Constellation Telephone is the third land purchase/development for Constellation in the past 10 months. In March 2022, the company purchased 33 acres in Houston for Constellation Post Oak, a two-building, 426,200-SF industrial development. Additionally, in May 2022, it purchased 52.29 acres of land on Bill Burnett Drive in El Paso for the development of a three-building, 798,470-SF industrial project known as Constellation Trade Center.
