Source: REjournals.com
Date: May 2, 2022

Constellation Real Estate Partners, an investor and developer of logistics properties, in partnership with a real estate fund advised by Crow Holdings Capital, has acquired 52.29 acres of land on Bill Burnett Drive in El Paso, Texas for the development of a three-building, 798,470-square-foot industrial project known as Constellation Trade Center. Construction will begin this summer with completion scheduled for Q2 of 2023.

This marks the second land acquisition/development project for Constellation in the past two months. In March, the company, in partnership with a real estate fund advised by Crow Holdings Capital, acquired 33 acres in Houston for Constellation Post Oak, a two-building, 426,200-square-foot industrial development. Construction on Constellation Post Oak is scheduled to start in June.

Designed by PSRBB Industrial Group, Inc. and Langan Engineering, the project will feature multiple points of ingress/egress with full circulation, significant auto/trailer parking, ESFR sprinkler systems, and LED lighting. Building 1 is 362,914 square feet and offers a cross-dock configuration with 36-foot clear height. Buildings 2 and 3 are each 217,778 square feet with both featuring a rear-load configuration and 32-foot clear height. The speculative project is designed to target distribution, fulfillment, e-commerce, and light industrial users from 40,833 square feet to 362,914 square feet.

Constellation Trade Center is located less than one mile from Interstate 10, the preferred east/west corridor connecting California to Florida. It is also located only five miles from the Zaragoza Bridge Port of Entry to Mexico, which is ranked No. 2 in the Top 10 U.S. Ports in the U.S. for total trade value between the US and Mexico.

Bill Caparis and Christian Perez Giese with CBRE’s El Paso office assisted Constellation Real Estate Partners in the acquisition and will oversee leasing of the new development.