{"id":1004810371,"date":"2026-09-02T04:53:31","date_gmt":"2026-09-02T12:53:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004810371"},"modified":"2026-09-02T04:53:33","modified_gmt":"2026-09-02T12:53:33","slug":"how-constellation-real-estate-partners-rises-above-industrial-swings","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/how-constellation-real-estate-partners-rises-above-industrial-swings\/","title":{"rendered":"How Constellation Real Estate Partners Rises Above Industrial Swings"},"content":{"rendered":"\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a982e0db0e63&quot;}\" data-wp-interactive=\"core\/image\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"900\" data-attachment-id=\"1004810399\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/how-constellation-real-estate-partners-rises-above-industrial-swings\/istock-510662337-featured\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/iStock-510662337-featured.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"iStock-510662337 featured\" data-image-description=\"&lt;p&gt;iStock image purchased for a one time use. Do not reuse without requesting permission from the art department&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Profile. Image by shoo_arts\/iStockphoto.com&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/iStock-510662337-featured.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/iStock-510662337-featured.jpg\" alt=\"astrological map\" class=\"wp-image-1004810399\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/iStock-510662337-featured.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/iStock-510662337-featured.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/iStock-510662337-featured.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/iStock-510662337-featured.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\"><em>Image by shoo_arts\/iStockphoto.com<\/em><\/figcaption><\/figure>\n\n\n\n<p>Founded just five years ago, Constellation Real Estate Partners has already navigated sharp ups and downs in the industrial real estate market.<\/p>\n\n\n\n<p>The development company opened its doors near the height of the pandemic-era logistics boom and at a time of record-low interest rates. That heyday has been followed by generational inflation, higher interest rates, regional bank failures, shifting trade policy and mounting geopolitical uncertainty. \u201cWe sometimes chuckle that we don\u2019t know what a normalized environment looks like at Constellation,\u201d shared Jeremy Giles, one of the firm\u2019s co-founders and managing partners.<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-fl-body-text-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.mydigitalpublication.com\/publication\/?i=869514\" style=\"background-color:#1bb1ae\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><strong>READ THE MAGAZINE<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Constellation has already undertaken 28 projects, mostly speculative, encompassing 60 buildings and nearly 15 million square feet of logistics properties, and it now employs 24 people across seven offices. The company aims to combine a mix of institutional experience with entrepreneurial speed in its development projects, pairing advanced data science with local instinct to take on complicated projects that might deter rivals.<\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a982e0db1ade&quot;}\" data-wp-interactive=\"core\/image\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"838\" data-attachment-id=\"1004810394\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/how-constellation-real-estate-partners-rises-above-industrial-swings\/default-125\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Constellation-Trade-Center-ElPaso-Texas.jpg\" data-orig-size=\"1200,838\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;2.8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;FC2220&quot;,&quot;caption&quot;:&quot;default&quot;,&quot;created_timestamp&quot;:&quot;1725920809&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;4.386&quot;,&quot;iso&quot;:&quot;110&quot;,&quot;shutter_speed&quot;:&quot;0.0008&quot;,&quot;title&quot;:&quot;default&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Constellation-Trade-Center-ElPaso-Texas\" data-image-description=\"&lt;p&gt;Image received for the September 2026 Magazine&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Constellation partnered with Crow Holdings Capital on the development of Constellation Trade Center, a three-building, 799,000 square-foot industrial facility, which opened in 2025. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Constellation-Trade-Center-ElPaso-Texas.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Constellation-Trade-Center-ElPaso-Texas.jpg\" alt=\"Constellation-Trade-Center-ElPaso-Texas\" class=\"wp-image-1004810394\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Constellation-Trade-Center-ElPaso-Texas.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Constellation-Trade-Center-ElPaso-Texas.jpg?resize=300,210 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Constellation-Trade-Center-ElPaso-Texas.jpg?resize=768,536 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Constellation-Trade-Center-ElPaso-Texas.jpg?resize=1024,715 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Constellation partnered with Crow Holdings Capital on the development of Constellation Trade Center, a three-building, 799,000 square-foot industrial facility, which opened in 2025. <\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-building-in-an-extraordinary-environment\">Building in an extraordinary environment<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a982e0db1f8f&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"900\" data-attachment-id=\"1004810385\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/how-constellation-real-estate-partners-rises-above-industrial-swings\/jeremy-giles\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Jeremy-Giles.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Jeremy-Giles\" data-image-description=\"&lt;p&gt;Image received for the September 2026 Magazine&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Jeremy Giles, co-founder &#038; managing partner of Constellation Real Estate Partners, said the firm has never operated in what it would consider a normalized market. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Jeremy-Giles.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Jeremy-Giles.jpg\" alt=\"Jeremy Giles\" class=\"wp-image-1004810385\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Jeremy-Giles.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Jeremy-Giles.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Jeremy-Giles.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Jeremy-Giles.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Jeremy Giles, co-founder &amp; managing partner of Constellation Real Estate Partners, said the firm has never operated in what it would consider a normalized market. <\/figcaption><\/figure><\/div>\n\n\n<p>Giles, an 18-year veteran of Prologis, co-founded Constellation with Hien Le, who previously spent 14 years at J.P. Morgan Asset Management. In a joint interview, the partners said they were both looking for a new challenge at the time.<\/p>\n\n\n\n<p>\u201cWe started feeling like we were maintaining something vs. building something,\u201d Le said.<\/p>\n\n\n\n<p>After deciding to launch a Sun Belt-focused development company, Le and Giles knew they needed to distinguish Constellation from the crowded field of institutional giants and local developers clamoring to put shovels in the ground as e-commerce-related warehouse demand soared. The duo used their past experience working with external partners to envision what an ideal developer would look like\u2014and how industrial customers would want to be served.<\/p>\n\n\n\n<p>\u201cWhen you really know what excellent service feels like because you\u2019ve been there, that\u2019s where we want to be differentiated,\u201d Le noted. \u201cWe built the business to be empathetic to our customers\u2019 needs.\u201d<\/p>\n\n\n\n<p>That emphasis on empathy extends to the firm\u2019s capital structure. Le said the firm typically contributes about 20 percent of a project\u2019s equity, giving the developer significant exposure alongside its investment partners.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote has-text-color has-link-color wp-elements-6fe05e2eaaba2f6c777d7530e6750adc is-layout-flow wp-block-quote-is-layout-flow\" style=\"color:#3d5360\">\n<p class=\"has-text-color has-link-color wp-elements-fd688637447e7fbda297a6a6dde0bf28\" style=\"color:#154295\">If gut and data are not pointing in the same direction, it gives you pause.<\/p>\n<cite>\u2014Jeremy Giles, Co-Founder &amp; Managing Partner, Constellation Real Estate Partners<\/cite><\/blockquote>\n\n\n\n<p>As Le and Giles brought in more institutional veterans, they sought to emphasize an entrepreneurial spirit. That culture attracted Scott Ellerman and J.W. Fields, partners at Constellation who both joined from <a href=\"https:\/\/www.commercialsearch.com\/news\/how-trammell-crow-co-is-leveraging-its-strengths-in-a-complex-market\/\">Trammell Crow Co.<\/a><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a982e0db2560&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignleft size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"900\" data-attachment-id=\"1004810384\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/how-constellation-real-estate-partners-rises-above-industrial-swings\/hien-le\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Hien-Le.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1630598042&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Hien-Le\" data-image-description=\"&lt;p&gt;Image received for the September 2026 Magazine&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Hien Le, co-founder &#038; managing partner of Constellation Real Estate Partners, sees empathy for investors, occupiers and brokers as a key differentiator for the firm. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Hien-Le.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Hien-Le.jpg\" alt=\"Hien Le\" class=\"wp-image-1004810384\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Hien-Le.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Hien-Le.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Hien-Le.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Hien-Le.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Hien Le, co-founder &amp; managing partner of Constellation Real Estate Partners, sees empathy for investors, occupiers and brokers as a key differentiator for the firm. <\/figcaption><\/figure><\/div>\n\n\n<p>Ellerman leads the firm\u2019s activity in Dallas\u2013Fort Worth, while Fields focuses on the Texas markets of Houston, Austin, San Antonio, El Paso and Laredo. The two discussed what convinced them to leave one of the <a href=\"https:\/\/www.commercialsearch.com\/news\/top-commercial-real-estate-developers\/\">top commercial real estate developers<\/a> in the nation.<\/p>\n\n\n\n<p>\u201cTo be quite honest with you, I was a very high-maintenance recruit,\u201d Ellerman said. \u201cI was happy with where I was and didn\u2019t really have any visions of leaving.\u201d<\/p>\n\n\n\n<p>It was ultimately the culture Giles and Le sought to create at Constellation that encouraged Ellerman and Fields to make the leap to the new firm.<\/p>\n\n\n\n<p>\u201cThat entrepreneurial thread that exists within Trammell Crow really is carried on to Constellation,\u201d Fields noted.<\/p>\n\n\n\n<p>That combo of institutional discipline and entrepreneurial autonomy informs both the sites Constellation pursues and the buildings it designs. Rather than choosing between relationships and analytics, the firm has built its platform around both.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-old-school-relationships-plus-new-school-data\">Old-school relationships plus new-school data<\/h2>\n\n\n\n<p>For Constellation, local relationships aren\u2019t merely a source of deals. They\u2019re part of the company\u2019s operating model. According to David Eseke, vice chairman at Cushman &amp; Wakefield, Constellation treats professional connections as a long-term asset rather than a transaction.<\/p>\n\n\n\n<p>\u201cWe\u2019re not viewed as vendors,\u201d Eseke said of the firm\u2019s rapport with brokers. \u201cThey really treat us like partners and include us in partnership-level discussions.\u201d<\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a982e0db2a0a&quot;}\" data-wp-interactive=\"core\/image\" class=\"wp-block-image alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"900\" data-attachment-id=\"1004810386\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/how-constellation-real-estate-partners-rises-above-industrial-swings\/jw-fields\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/JW-Fields.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;2&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;NIKON Z 6&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1630615682&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;35&quot;,&quot;iso&quot;:&quot;320&quot;,&quot;shutter_speed&quot;:&quot;0.005&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"JW-Fields\" data-image-description=\"&lt;p&gt;Image received for the September 2026 Magazine&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;J.W. Fields, a partner at Constellation Real Estate Partners, oversees the firm\u2019s activity in Houston, Austin, El Paso&lt;br \/&gt;\nSan Antonio and Laredo. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/JW-Fields.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/JW-Fields.jpg\" alt=\"J.W. Fields\" class=\"wp-image-1004810386\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/JW-Fields.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/JW-Fields.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/JW-Fields.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/JW-Fields.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">J.W. Fields, a partner at Constellation Real Estate Partners, oversees the firm\u2019s activity in Houston, Austin, El Paso \nSan Antonio and Laredo. <\/figcaption><\/figure>\n\n\n\n<p>Constellation supplements this personal approach with some advanced data-science techniques that help it make even more informed decisions around site selection, supply analysis and underwriting.<\/p>\n\n\n\n<p>Le gave an example of how the company made decisions around site selection during the pandemic logistics boom. Instead of looking solely at the supply of warehouse workers, the company examined adjacent labor pools\u2014such as quick-service restaurant employees accustomed to fast-paced fulfillment\u2014and analyzed where potential workers lived vs. where they worked.<\/p>\n\n\n\n<p>Positioning industrial facilities within a short driving distance of this somewhat nontraditional labor pool would make working there more attractive and create a major selling point for Constellation\u2019s customers searching for warehouses with access to labor.<\/p>\n\n\n\n<p>To keep track of existing inventory, the team uses a tool called Constellation Intelligent Pipeline Recognition to improve its visibility into local industrial development pipelines. Rather than relying solely on brokerage reports, which Giles said often produce widely different estimates of space under construction, CIPR combines multiple paid data sources to identify where competing projects are being built, how large they are and when they are likely to deliver.<\/p>\n\n\n\n<p>The goal is to develop a more precise picture of future supply and identify gaps in the market before competitors do. For Constellation, CIPR is one part of a broader investment process that combines data science with local market expertise. The system helps validate site selection and underwriting, but it doesn\u2019t replace experience or intuition.<\/p>\n\n\n\n<p>\u201cIf gut and data aren\u2019t pointing in the same direction, it gives you pause,\u201d Giles said.<\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a982e0db2eb5&quot;}\" data-wp-interactive=\"core\/image\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" data-attachment-id=\"1004810395\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/how-constellation-real-estate-partners-rises-above-industrial-swings\/constellation-rock-island-logistics-center-grandprairie-texas\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Constellation-Rock-Island-Logistics-Center-GrandPrairie-Texas.jpg\" data-orig-size=\"1200,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1781728162&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Constellation-Rock-Island-Logistics-Center-GrandPrairie-Texas\" data-image-description=\"&lt;p&gt;Image received for the September 2026 Magazine&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Constellation Rock Island Logistics Center is a 286,700-square-foot industrial facility in Grand Prairie, Texas. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Constellation-Rock-Island-Logistics-Center-GrandPrairie-Texas.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Constellation-Rock-Island-Logistics-Center-GrandPrairie-Texas.jpg\" alt=\"Constellation-Rock-Island-Logistics-Center-GrandPrairie-Texas\" class=\"wp-image-1004810395\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Constellation-Rock-Island-Logistics-Center-GrandPrairie-Texas.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Constellation-Rock-Island-Logistics-Center-GrandPrairie-Texas.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Constellation-Rock-Island-Logistics-Center-GrandPrairie-Texas.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Constellation-Rock-Island-Logistics-Center-GrandPrairie-Texas.jpg?resize=1024,683 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Constellation Rock Island Logistics Center is a 286,700-square-foot industrial facility in Grand Prairie, Texas. <\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-regional-execution\">Regional execution<\/h2>\n\n\n\n<p>As Constellation has grown from a two-person startup to a multiregional industrial developer, it has resisted creating a one-size-fits-all playbook. Instead, the firm adapts its strategy to each region\u2014and often to individual corridors within a market\u2014looking for constrained sites where local knowledge, institutional underwriting and patient execution can create value.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a982e0db326e&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignleft size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"900\" data-attachment-id=\"1004810389\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/how-constellation-real-estate-partners-rises-above-industrial-swings\/sven-tustin\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Sven-Tustin.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Sven-Tustin\" data-image-description=\"&lt;p&gt;Image received for the September 2026 Magazine&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Sven Tustin, a partner at Constellation Real Estate Partners, leads the firm\u2019s Southwest expansion from Phoenix. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Sven-Tustin.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Sven-Tustin.jpg\" alt=\"Sven Tustin\" class=\"wp-image-1004810389\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Sven-Tustin.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Sven-Tustin.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Sven-Tustin.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Sven-Tustin.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Sven Tustin, a partner at Constellation Real Estate Partners, leads the firm\u2019s Southwest expansion from Phoenix. <\/figcaption><\/figure><\/div>\n\n\n<p>While logistics remains a core focus, the company\u2019s projects also target manufacturers and other industrial users, depending on local demand.<\/p>\n\n\n\n<p>The firm\u2019s strategy doesn\u2019t include a fixed holding period, according to Giles, who said that each project is unique. However, Eseke stressed that Constellation builds with a long-term ownership view, even though it may not be the owner in the long term.\u201d<\/p>\n\n\n\n<p>There\u2019s no consistent size for a Constellation project. The company\u2019s portfolio ranges from smaller urban infill warehouses to speculative projects approaching 1 million square feet. And from a property management perspective, Constellation employs a mix of third-party managers and internal capabilities to oversee its assets, depending on what works best for each property.<\/p>\n\n\n\n<p>\u201cIf you know your market well, you should be building to what your market needs\u2014not what you do,\u201d Giles said.<\/p>\n\n\n\n<p>Even as Constellation continues its rapid growth, its leaders know the company is not immune to the growing complexities of the industrial market.<\/p>\n\n\n\n<p>Easy sites have largely disappeared, requiring more complicated entitlement, environmental remediation and infrastructure work. Access to electrical power has also emerged as one of the sector\u2019s biggest constraints, particularly as AI-driven manufacturing and data-center-related demand continue to reshape industrial markets.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote has-text-color has-link-color wp-elements-c24ea52280113bbc452c8e83a2fea388 is-layout-flow wp-block-quote-is-layout-flow\" style=\"color:#3d5360\">\n<p class=\"has-text-color has-link-color wp-elements-295f7f6bde6f7d90b5014726899603fc\" style=\"color:#154295\">We built the business to be empathetic to our customers\u2019 needs.<\/p>\n<cite>\u2014Hien Le, Co-Founder &amp; Managing Partner, Constellation Real Estate Partners<\/cite><\/blockquote>\n\n\n\n<p>Across its markets, Constellation doesn\u2019t shy away from taking on particularly tough projects. Targeting quality infill sites with high barriers to entry is its specialty, noted Nathan Wynne, a Houston-based executive vice president at CBRE who has worked with Constellation on capital formation and asset sales.<br>In South Florida, where land for ground-up projects is growing scarce, more redevelopments are going to be necessary, according to Scott Alexander, a partner at Constellation who oversees the firm\u2019s strategy in Florida and other Southeast markets, along with Colorado.<\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a982e0db37f9&quot;}\" data-wp-interactive=\"core\/image\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"675\" data-attachment-id=\"1004810397\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/how-constellation-real-estate-partners-rises-above-industrial-swings\/constellation-airport-logistics-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Constellation-Airport-Logistics-Center.jpg\" data-orig-size=\"1200,675\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Constellation-Airport-Logistics-Center\" data-image-description=\"&lt;p&gt;Image received for the September 2026 Magazine&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Constellation Airport Logistics Center, a two-building warehouse campus, is taking shape at the site of a former marina in Fort Lauderdale, Fla. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Constellation-Airport-Logistics-Center.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Constellation-Airport-Logistics-Center.jpg\" alt=\"Constellation-Airport-Logistics-Center\" class=\"wp-image-1004810397\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Constellation-Airport-Logistics-Center.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Constellation-Airport-Logistics-Center.jpg?resize=300,169 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Constellation-Airport-Logistics-Center.jpg?resize=768,432 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Constellation-Airport-Logistics-Center.jpg?resize=1024,576 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Constellation Airport Logistics Center, a two-building warehouse campus, is taking shape at the site of a former marina in Fort Lauderdale, Fla. <\/figcaption><\/figure>\n\n\n\n<p>One project where the team took on a nontraditional site was in Fort Lauderdale, where the firm acquired a former marina with plans to redevelop it into a two-building, 170,000-square-foot warehouse campus. That project, known as Constellation Airport Logistics Center because of its proximity to Fort Lauderdale-Hollywood International Airport, is set to deliver in the first quarter of 2027.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a982e0db3bb8&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-large is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004810388\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/how-constellation-real-estate-partners-rises-above-industrial-swings\/scott-ellerman\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Scott-Ellerman.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1680728243&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Scott-Ellerman\" data-image-description=\"&lt;p&gt;Image received for the September 2026 Magazine&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Scott Ellerman, a partner at Constellation Real Estate Partners, leads the firm\u2019s industrial development activity across the Dallas\u2013Fort Worth metro.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Scott-Ellerman.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"768\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Scott-Ellerman.jpg?w=1024\" alt=\"Scott Ellerman\" class=\"wp-image-1004810388\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Scott-Ellerman.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Scott-Ellerman.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Scott-Ellerman.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Scott-Ellerman.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Scott Ellerman, a partner at Constellation Real Estate Partners, leads the firm\u2019s industrial development activity across the Dallas\u2013Fort Worth metro.<\/figcaption><\/figure><\/div>\n\n\n<p>To make the project possible, Constellation had to secure approvals from the Army Corps of Engineers, the city of Fort Lauderdale and Broward County to allow the marina to be filled. The entire approval process took 18 months, Alexander explained.<\/p>\n\n\n\n<p>\u201cAt the end of the day, it\u2019s irreplaceable real estate,\u201d he said.<\/p>\n\n\n\n<p>Across the country, partner Sven Tustin leads Constellation\u2019s work in Phoenix and the greater Southwest. Tustin discussed how the firm aims to capitalize on the expanding semiconductor ecosystem around <a href=\"https:\/\/www.commercialsearch.com\/news\/tsmc-boosts-phoenix-manufacturing-investment-by-100b\/\">TSMC\u2019s North Phoenix campus<\/a>, which is driving billions of dollars of investment into the region.<\/p>\n\n\n\n<p>Constellation is planning to break ground on a 550,000-square-foot, five-building industrial park in the Deer Valley submarket of Phoenix later this year. Tustin said the firm is targeting TSMC suppliers and customers with that project.<\/p>\n\n\n\n<p>\u201cOne of our core values is: Strive to be local,\u201d Tustin noted, \u201cand that\u2019s really key in terms of being able to obtain real-time market information and determine where that opportunity is going to be.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-reputation-as-a-business-strategy\">Reputation as a business strategy<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a982e0db408d&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignleft size-large is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004810387\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/how-constellation-real-estate-partners-rises-above-industrial-swings\/scott-alexander\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Scott-Alexander.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1630022605&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Scott-Alexander\" data-image-description=\"&lt;p&gt;Image received for the September 2026 Magazine&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Scott Alexander, a partner at Constellation Real Estate Partners, focuses on complicated, supply-constrained development sites in Florida and other Southeast markets. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Scott-Alexander.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"768\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Scott-Alexander.jpg?w=1024\" alt=\"Scott Alexander\" class=\"wp-image-1004810387\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Scott-Alexander.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Scott-Alexander.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Scott-Alexander.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Scott-Alexander.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Scott Alexander, a partner at Constellation Real Estate Partners, focuses on complicated, supply-constrained development sites in Florida and other Southeast markets. <\/figcaption><\/figure><\/div>\n\n\n<p>Five years in, Constellation\u2019s founders say they\u2019re still building\u2014not just warehouses but the company\u2019s lasting identity. That emphasis on reputation has become one of the qualities that partners say distinguishes the firm.<\/p>\n\n\n\n<p>\u201cThey genuinely care about relationships, and their reputation is everything to them,\u201d said CBRE\u2019s Wynne.<br>Analytics may help identify the next site, and regional expertise may shape the next development, but Le and Giles hope the firm\u2019s lasting competitive advantage will be something harder to quantify: a reputation for acting with integrity and treating investors, sellers, brokers, occupiers and employees as long-term partners.<\/p>\n\n\n\n<p>\u201cI want people to not look at (Constellation) and say, \u2018They\u2019re this many billion dollars or this size,\u2019\u201d Giles reflected. \u201cI want them to look at it and be able to say, \u2018They did it a certain way.\u2019\u201d<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-center has-background\" style=\"background-color:#16a19a33\"><em><a href=\"https:\/\/www.mydigitalpublication.com\/publication\/?i=869514\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Read the September 2026 issue of CPE.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The firm turned complex projects into their North Star.<\/p>\n","protected":false},"author":3810,"featured_media":1004810399,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,1521],"tags":[32789,52249,32799],"class_list":["post-1004810371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-digital","tag-cbre","tag-constellation-real-estate-partners","tag-cushman-wakefield"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How Constellation Real Estate Partners Rises Above Industrial Swings - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/how-constellation-real-estate-partners-rises-above-industrial-swings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Constellation Real Estate Partners Rises Above Industrial Swings\" \/>\n<meta property=\"og:description\" content=\"The firm turned complex projects into their North Star.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/how-constellation-real-estate-partners-rises-above-industrial-swings\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2026-09-02T12:53:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-09-02T12:53:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/iStock-510662337-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Matthew Kaufman\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/how-constellation-real-estate-partners-rises-above-industrial-swings\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/how-constellation-real-estate-partners-rises-above-industrial-swings\\\/\"},\"author\":{\"name\":\"Matthew Kaufman\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/63cac94132ceff8b31d189996459d345\"},\"headline\":\"How Constellation Real Estate Partners Rises Above Industrial Swings\",\"datePublished\":\"2026-09-02T12:53:31+00:00\",\"dateModified\":\"2026-09-02T12:53:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/how-constellation-real-estate-partners-rises-above-industrial-swings\\\/\"},\"wordCount\":1840,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/how-constellation-real-estate-partners-rises-above-industrial-swings\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2026\\\/08\\\/iStock-510662337-featured.jpg\",\"keywords\":[\"CBRE\",\"Constellation Real Estate Partners\",\"Cushman &amp; Wakefield\"],\"articleSection\":[\"Development\",\"Digital Edition\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/how-constellation-real-estate-partners-rises-above-industrial-swings\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/how-constellation-real-estate-partners-rises-above-industrial-swings\\\/\",\"name\":\"How Constellation Real Estate Partners Rises Above Industrial Swings - 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