Constellation Real Estate Partners has acquired 41.4 acres in Charlotte, N.C., for the development of Constellation 485 South, a 374,220-square-foot speculative industrial building. This marks the company’s first project in the market.
The developer purchased the site for $11.8 million from an entity affiliated with Somerset Properties and Waterfall Asset Management, according to The Charlotte Business Journal. Construction is expected to start next month, with completion scheduled for August 2025.
The rear-load facility, designed according to LEED standards, will feature 36-foot minimum clear heights, 65-foot bay spacing, 185-foot truck courts with trailers and 310 parking spaces. Additionally, the property will have 84 trailer stalls and will be able to accommodate tenants needing space from 100,000 square feet up to the entire building.
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Partners on the project include ARCO Design/Build and OneFourTwo Design Group. Avison Young Principal Henry Lobb, Vice President Abby Rights and Associate Garrott Braswell will handle leasing, while Managing Director Chris Skibinski was tapped to provide capital markets strategic advisory services.
The warehouse will take shape on Continental Boulevard, within 2 miles from interstates 485 and 77. Downtown Charlotte will be some 11 miles from the facility, while the Charlotte Douglas International Airport will be roughly 7 miles away.
Constellation’s recent industrial developments
Constellation 485 South represents the company’s eighth development since its 2021 inception. In January, the firm acquired a 26-acre property in Houston for the construction of Constellation Eldridge, a 537,375-square-foot speculative warehouse. The facility will replace an office building.
A few months earlier, Constellation partnered with Northwestern Mutual for the development of Constellation Mustang Crossing, a four-building campus in Southlake, Texas. The 546,330-square-foot park is set to come online in the first quarter of next year.
