Date: March 17, 2022
Construction in Hot Market in Houston
HOUSTON — (Realty News Report) — Constellation Real Estate Partners, an investor and developer of logistics properties, in partnership with a fund advised by Crow Holdings Capital, plans to develop a 426,000 SF industrial project on the Southwest side of Houston.
The developer acquired 33 acres of land on South Post Oak Road for the development of Constellation Post Oak.
Designed by Powers Brown Architecture and Langan Engineering, Constellation Post Oak is located proximate to Beltway 8, a significant route for distribution throughout the Houston MSA. The site is nine miles from the Texas Medical Center, the largest medical complex in the world.
“With a record 28 million square feet of net absorption in the past 12 months, the Houston market has tightened to 6.1 percent vacancy, providing bulk users, in particular, very limited infill options,” said J.W. Fields, partner at Constellation Real Estate Partners. “The location is equally attractive for both traditional distribution buildings using Beltway 8 to service the Houston MSA, and e-commerce fulfillment looking to reach rooftops in inner-loop Houston and fast growing Fort Bend County.”
Zack Taylor of Colliers represented Constellation Real Estate Partners in the land acquisition. Taylor and Barkley Peschel of Colliers, will oversee leasing of the new development. Construction is set to begin in June 2022 with completion scheduled in the second quarter of 2023.
Founded by Jeremy Giles and Hien Le, Constellation Real Estate Partners is a commercial real estate firm specializing in the investment and development of logistics properties throughout Southeastern and Southwestern United States.
Rising from a real estate legacy stemming from Mr. Trammell Crow’s organization, Crow Holdings has a 70-year operating history and $21 billion of assets under management.