Constellation Acquires Site for Tampa-Area Industrial Campus

Constellation Real Estate Partners has acquired the site of a planned three-building, 251,162-square-foot speculative industrial project in an unincorporated area of Hillsborough County, Fla.

The 19-acre property will become Constellation East Tampa Business Center, with construction starting this month and completion scheduled for May 2027.

The campus will consist of rear-loading building sizes of 127,050, 76,650 and 47,462 square feet. It will feature 32-foot clear heights, a total of 251 car parking spaces and freeway frontage. Constellation will also be extending utilities to the site.

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The property’s location at 7351 Muck Pond Road provides close access to interstates 4, 75 95 and 595, along with the Florida Turnpike and U.S. Route 1.

CBRE Senior Vice Presidents Kris Courier, Rian Smith and Josh Tarkow will handle marketing and leasing for Constellation East Tampa Business Center.

Regarding the relatively modest planned dimensions of the three buildings, Scott Alexander, partner at Constellation Real Estate Partners, told Commercial Property Executive that over the past 24 months, Hillsborough County saw nearly 150 new leases signed, totaling just under 6.5 million square feet. “Of those requirements, 95 percent were under 150,000 square feet in size, with a majority under 50,000 square feet, reflecting tenant demand stemming from core user sizes in the market,” he said.

One step up, one step back

The Tampa area’s industrial space market might have seen more movement toward stabilization so far this year, except for having 322,000 square feet of deliveries and 2.6 million square feet under construction, according to a first-quarter report from Matthews Real Estate Investment Services.

Net absorption in the first quarter was 379,000 square feet, as overall vacancy rose to 7.3 percent. Leasing activity has fallen, especially for larger boxes, although smaller-bay assets have been a bright spot.

In April, GTIS Partners acquired a 116-acre site in East Tampa to develop 4Ward Logistics Center, a two-building, 382,500-square-foot Class A facility. The site is at 2998 N. 62nd St. and delivery is scheduled for the second half of 2027.