US real estate investor Crow Holdings has sold a 95% stake in an industrial portfolio to core-plus real estate funds managed by Blackstone for $718m (€639m).
Crow Holdings and its partners will retain a 5% stake in the 6m sqft portfolio of 25 buildings located mainly in high-barrier submarkets in Dallas and Houston.
David Levine, co-head of Americas acquisitions for Blackstone Real Estate, said: “This transaction is another example of Blackstone Real Estate deploying capital during this period of market volatility. We are thrilled to acquire this high-quality portfolio located in some of the best-performing US industrial markets.
“With limited vacancy and new construction starts down over 80% from the 2022 peak, logistics remains a high-conviction theme for us; we are proud owners of more than $90bn of warehouses in North America and nearly $170bn in total around the world.”
Michael Levy, CEO at Crow Holdings, said: “We are excited about the opportunity to partner with Blackstone in this investment portfolio. Our company was founded by Trammell Crow when he built his first warehouse in Dallas in 1948 – a building that we still own today.
“We are extremely proud of our team for developing such a high-quality portfolio that attracted Blackstone, a global leader in the logistics industry, and we look forward to the partnership’s possibilities.”
To read the latest IPE Real Assets magazine click here.
