An expansive industrial project is being planned in Grand Prairie.
Houston-based property developer Constellation Real Estate Partners has teamed up with insurance firm Northwestern Mutual to purchase a 10-acre site in Grand Prairie that will be developed into a more than 200,000-square-foot industrial business park known as Constellation Commerce 360, The Dallas Morning News reported.
This will be the second time the two companies have come together to develop a large-scale project in the Dallas-Fort Worth submarket.
In general, DFW has one of the highest construction pipelines in the nation. As of the third quarter of 2023, DFW had approximately 58.4 million square feet of warehouse and logistics space under construction, according to Q3 Industrial Market Report by Savillis, a leading real estate service provider based in the United Kingdom.
“The DFW 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,” said Scott Ellerman, senior vice president at Constellation Real Estate Partners, in a statement, per DMN.
Constellation Commerce 360 will include two industrial buildings, the largest of which will span approximately 105,000 square feet. Development on the site is slated to start in early 2024.
“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,” said Ellerman.
Local architect Pross Design Group will design the industrial complex, which is due to open in early 2025, according to DMN.
The land acquisition was brokered by David Eseke and Clay Balch of Cushman Wakefield. Both individuals are currently leasing the industrial complex for sale.
DFW has been seeing a significant amount of real estate development in recent years, however, Dallas has seen its share of construction activity decelerate over the years, likely due to the City’s periodically problematic building permit process under City Manager T.C. Broadnax.
