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Dallas developer and insurance investor plan Grand Prairie industrial project
A dallas property developer that’s teamed up with an insurance company investor has purchased land for another project in North Texas.
Constellation Real Estate Partners and Northwestern Mutual Real Estate acquired 10 acres on Avenue K near State Highway 360 in grand prairie for the speculative industrial project.
The joint venture plans to construct a two-building, more than 200,000-square-foot business park on the site starting early next year. The largest of the planned buildings will be about 105,000 square feet.
Pross Design Group is the architect for the Constellation Commerce 360 industrial complex.
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“The D-FW industrial market continues to perform very well with robust demand and strong fundamentals further solidifying its position as one of the top industrial markets in the country,” Scott Ellerman, senior vice president at Constellation Real Estate Partners, said in a statement. “This is a great opportunity to develop two Class A industrial warehouses in a well-established, land-constrained and high-performing submarket in Dallas-Fort Worth with high demand and quality labor.”
The Grand Prairie project is scheduled to open in early 2025.
David Eseke and Clay Balch of Cushman Wakefield brokered the land acquisition and are leasing the new development.
This is the second recent partnership development for Constellation and Northwestern Mutual.
Last month, the firms bought almost 34 acres near State Highway 114 in Southlake for a four-building industrial development. The building site is northwest of DFW International Airport.
Constellation Real Estate Partners specializes in industrial properties throughout the southeastern and southwestern United States.
Northwestern Mutual Real Estate is the property investment arm of Northwestern Mutual Insurance, one of the largest real estate investors in the nation with more than $60 billion in properties.
North Texas is the nation’s top industrial development market with about 49 million square feet of warehouse and logistics space under construction.
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