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Constellation Mustang Crossing will comprise four industrial buildings. Image courtesy of Constellation Real Estate Partners
Constellation Real Estate Partners and Northwestern Mutual plan to develop Constellation Mustang Crossing, a four-building, 546,330-square-foot industrial campus in Southlake, Texas. Construction is expected to commence in the first quarter of 2024, with delivery scheduled for the first quarter of 2025.
The partnership has recently acquired the 33.7-acre development site. Dosch Marshall Real Estate represented the developer in the land acquisition, while JLL will handle leasing efforts at the property.
When complete, Constellation Mustang Crossing will include buildings ranging from 102,957 to 188,132 square feet and accommodate tenants from 30,000 to 188,000 square feet. Designed by Meinhardt & Associates, the property is slated to feature 28- to 32-foot clear heights, ESFR sprinkler systems, LED lighting and a total of 522 vehicle parking spots, according to CommercialEdge information.
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The industrial project will take shape in the DFW Airport submarket at 2100 Mustang Court, where the developer will soon demolish the existing fuel terminal. The parcel was one of the last industrial sites available for development in Southlake, Constellation Senior Vice President Scott Ellerman mentioned in prepared remarks.
Close to State Highways 114 and 121, Constellation Mustang Crossing will be 5 miles from Dallas-Fort Worth International Airport, 15 miles from Irving, Texas, 22 miles from Fort Worth, Texas, and within 25 miles of Dallas.
Dosch Marshall Real Estate Analyst Joey Tyner and Principal Tom Dosch negotiated on behalf of the developer during the land acquisition. JLL’s Managing Directors Kurt Griffin and Nathan Orbin, together with Senior Associate Dalton Knipe and Associate Weston King, will be marketing the property for lease.
The largest industrial pipeline in the U.S.
Dallas had the largest industrial development pipeline in the nation as of September, with 49.3 million square feet underway, a recent CommercialEdge report shows. The Metroplex’s pipeline amounted to 5.4 percent of the existing inventory, outpacing Phoenix (46.6 million square feet) and Inland Empire (29.6 million square feet).
One of the metro’s ongoing industrial projects is AllianceTexas, a 27,000-acre master-planned development in Fort Worth, Texas. In August, developer Hillwood broke ground on two speculative buildings at the site, with completion expected by the first quarter of 2024.
As for planned developments, a West Coast-based manufacturer announced its intention to build two plants totaling 2.8 million square feet in the Dallas-Fort Worth area earlier this month. The new factories will take shape at Trammell Crow’s 35 Eagle and at Carter Park East.
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