A Dallas developer is teaming up with an insurance company investor on a new four-building business park in Southlake.
Constellation Real Estate Partners and Northwestern Mutual Real Estate bought almost 34 acres near State Highway 114 for the industrial development, which is northwest of DFW International Airport.
Construction is set to begin early next year on the 546,330-square-foot industrial project. The Southlake City Council approved the project in September.
The Mustang Crossing business park will begin opening in early 2025.
“We look forward to partnering with Northwestern Mutual to develop one of the last industrial sites in Southlake and bring product to this market,” Scott Ellerman, senior vice president at Constellation Real Estate Partners, said in a statement. “The Dallas-Fort Worth industrial market has experienced unparalleled growth in the past few years, and we expect demand to continue as result of strong fundamentals, like population growth, e-commerce growth, and rising inventory levels.”
Architect Meinhardt & Associates designed the buildings, which will range from 102,957 to 188,132 square feet.
Joey Tyner and Tom Dosch of Dosch Marshall Real Estate brokered the land acquisition. Kurt Griffin, Nathan Orbin, Dalton Knipe and Weston King of Jones Lang LaSalle are leasing the new development.
Developer Constellation Real Estate Partners specializes in industrial properties throughout the southeastern and southwestern United States.
Northwestern Mutual Real Estate, the property investment arm of Northwestern Mutual Insurance, is one of the largest real estate investors in the nation with a more than $60 billion real estate investment portfolio.
Dallas-Fort Worth is the country’s top industrial development market with about 49 million square feet of warehouse and logistics space under construction.
