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Constellation Real Estate Partners has acquired a 26-acre property in Houston, where it will develop Constellation Eldridge, a 537,375-square-foot speculative warehouse. CBRE’s Houston office will oversee leasing efforts.
Construction will start later this quarter, while completion is anticipated in the fourth quarter. Plans call for the demolition of a 102,034-square-foot office building, previously owned by Dril-Quip, an offshore drilling and production equipment company.
Seeberger Architecture designed the project. The Class A facility will feature 40-foot clear heights, 127 trailer stalls, truck circulation drives and 56-foot column spacing.
Constellation Eldridge will rise at 6401 N. Eldridge Parkway in Houston’s Northwest submarket, close to U.S. 290 and Beltway 8. Downtown Houston is 21 miles from the site, while George Bush Intercontinental Airport is 26 miles away.
CBRE’s leasing team comprises Senior Vice Presidents Faron Wiley and Joseph Smith. In August, the duo represented Trammell Crow Co. and Clarion Partners in two leasing agreements at their Rankin 45 Distribution Center, a 355,686-square-foot facility in Houston.
In November, Constellation partnered with Northwestern Mutual for the development of Constellation Mustang Crossing, a four-building industrial campus in Southlake, Texas. Construction is expected to start later this quarter, while completion is anticipated in early 2025.
Houston’s industrial pipeline
According to a recent CommercialEdge industrial report, Houston had one of the strongest under-construction pipeline in the nation—with 17.1 million square feet as of November. It was surpassed by the Inland Empire (24.8 million square feet), Dallas (41.4 million square feet) and Phoenix (47.7 million).
Last year, Brennan Investment Group has acquired an approximately 11-acre land in Houston to develop a 157,300-square-foot facility. Dubbed Northbelt, the building is expected to come online in the third quarter of this year.
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