Crow Holdings JV Secures $74M Refi for Industrial Campus

November 26, 2025

Affinius Capital provided the financing.

Crow Holdings Capital and Constellation Real Estate Partners have received a $74 million refinancing loan from Affinius Capital for a three-building, 799,000-square-foot industrial campus in El Paso, Texas. JLL facilitated the transaction.

Dubbed the Constellation Trade Center, the campus includes facilities ranging from 218,000 square feet to 363,000 square feet. Citizens Bank provided the project with a construction loan in 2022 for Building One, which matured in August 2025, according to Yardi Matrix data.

Constellation Trade Center features clear heights of 32 to 36 feet, eight drive-in doors, 180 trailer parking spaces and truck court depths ranging between 108 and 185 feet. Each of the three buildings has office space as well.

Global logistics company Kuehne + Nagel currently occupies some 581,000 square feet at Constellation. Executive Vice Presidents Christian Perez Giese and William Caparis of CBRE oversee leasing activity at the property.

“Constellation Trade Center is a perfect example of new industrial developments filling the growing demand for modern warehouse and logistics facilities in the El Paso/Cd. Juarez region,” Christian Perez Giese, executive vice president at CBRE, told Commercial Property Executive. “It was designed for more sophisticated users needing cross-dock buildings and additional trailer yards that did not exist in El Paso before 2020. Demand for high-quality and larger buildings has continued despite overall softness in the market in 2024 and 2025.”

Located at 490 Bill Burnett Drive, the industrial campus is within 20 miles of both the Ciudad Juárez International Airport and El Paso International Airport, conveniently situated to facilitate cross-border trade and reshoring opportunities. The property also benefits from access to Interstate 10 and the Zaragoza Port of Entry.

JLL’s team of Managing Director Michael Johnson and Senior Managing Directors Colby Mueck and John Rose secured the financing from Affinius Capital.

Constellation’s Texas presence

In 2023, Constellation and Crow Holdings Capital completed Constellation Post Oak, a 424,011-square-foot industrial property in Houston. The company purchased the site in March 2022 with a real estate fund advised by Crow Holdings.

The development consists of two buildings that were designed by Powers Brown Architecture and Langan Engineering. Earlier in November, Constellation sold the property to LBA Realty. The asset was 82 percent leased at the time, tenants including D&R Signs and U.S. Elogistic, REjournals reported.

This past August, Constellation also began construction at 22555 Genoa Red Bluff Road in Pasadena, Texas, according to the Houston Business Journal. The project includes a 240,041-square-foot distribution warehouse with FCL Builders serving as general contractor. Woodmont Properties was originally supposed to develop the project before selling the property.