Industrial developer eyes SW Houston for first project
A newly formed industrial real estate development and investment firm has launched its first project.
Constellation Real Estate Partners, with offices in Houston and Dallas, has teamed with Dallas-based Crow Holdings Capital on the purchase of 33 acres on South Post Oak Road near Fuqua for a speculative industrial development.
Constellation was founded by Jeremy Giles and Hien Le to develop logistics properties throughout the Southeastern and Southwestern United States. Giles previously worked at industrial real estate firm Prologis, while Le was with J.P. Morgan Asset Management
The company will break ground in June on Constellation Post Oak, consisting of a 304,400-square-foot cross-dock building with 36 foot clear height, and a 121,800-square-foot building with 32 foot clear height. The southwest Houston location, about half a mile north of Beltway 8, is suited for e-commerce tenants who want to be near customers both inside the Loop or in growing Fort Bend County communities, according to Constellation. The buildings could also appeal to HVAC, flooring or building supply firms serving the home building industry.
Constellation is pursuing the project as demand for industrial real estate hit a record 28 million square feet in the past 12 months, while vacancy tightened to 6.1 percent.
“We are believers in the strength of the market,” said J.D. Fields, a partner at Constellation. “Demand continues to outpace deliveries and we feel certain the market will continue to tighten in the near-term.”
The project, which will be marketed to tenants requiring from 60,900 square feet to 304,400 square feet, was designed by Powers Brown Architecture and Langan Engineering.
Zack Taylor of Colliers represented Constellation in the acquisition and will oversee leasing along with Barkley Peschel. Completion is planned in the second quarter of 2023.
Nike opens ‘marketplace of the future’ in CityCentre
Nike has opened a Nike Live concept store at Midway’s CityCentre complex in west Houston, incorporating Nike.com, Nike apps and consumer insights from the surrounding community into the product mix and shopping experience.
The 5,298-square-foot Nike by CityCentre at 822 Town & Country Blvd. is designed to combine online and in-store shopping. Based on shopper profiles, the store will carry sports style products such as Tech Fleece and Jordan clothing, along with Air Force 1, Air Max 90, Blazers and retro Jordan footwear.
Houston joins other digitally-enabled Nike Live stores, which incorporate Nike.com, Nike App, Nike Run Club and Nike Training Club in the retail experience, in New York City, Los Angeles, Chicago, Austin and Atlanta, among other cities. Customers can use apps to check specific product availability or get shopping advice.
The new store is also designed to have a focus on serving women, offering personalized service from store athletes on products, bra fitting and styling sessions.
CityCentre is also home to a digitally-focused Starbucks where customers order by app for coffee on the go. Online eyewear retailer Warby Parker also has a brick and mortar store at CityCentre.
Realty Associates unveils new tools
Realty Associates, a Houston-based real estate brokerage with more than 1,700 agents, unveiled enhancements to its website using Delta Media Group software tools.
The new technology, which includes real-time listing alerts, valuation tools, drive-time and mapping features, is designed to deliver more market exposure for sellers and better local real estate market insight for buyers in Houston, Austin, Dallas-Fort Worth, San Antonio and Harlingen.
Realty Associates is part of Latter & Blum, a New Orleans-based independent real estate company with operations in Louisiana, Southern Mississippi and Greater Houston. Delta Media is a real estate technology firm based in Canton, Ohio.
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