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5/03/22
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Constellation Real Estate Partners and a Crow Holdings Capital-advised fund have acquired 52.29 acres of land on Bill Burnett Dr in El Paso, TX for the development of a three-building, 798.5k sf state-of-the-art industrial project known as Constellation Trade Center. Construction will begin this summer with completion scheduled for the second quarter of 2023.
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 362.9k sf and offers a cross-dock configuration with 36-foot clear height. Buildings 2 and 3 are each 217.8k sf 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 40.8k sf to 362.9k sf.
Constellation Trade Center is ideally 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 #2 in the top 10 US ports in the U.S. for total trade value between the US and Mexico.
“Constellation Trade Center benefits from the acceleration of supply chain diversification,” said J.W. Fields, Partner at Constellation Real Estate Partners. “New industrial developments proximate to the Zaragoza Bridge Port of Entry will be in great demand because of increased trade with Mexico and a current market vacancy of 1.5%.”
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.
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, 426.2k sf industrial development. Construction on Constellation Post Oak is scheduled to start in June.
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