National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Blackstone Pays $718M for Crow Holdings Industrial Portfolio
Blackstone and Crow Holdings said Thursday that core-plus funds affiliated with Blackstone Real Estate have agreed to acquire a 95% stake in an industrial portfolio developed by Crow Holdings for $718 million. Crow Holdings and its partners will retain 5% ownership.
The portfolio consists of 25 Class A buildings totaling six million square feet and is predominantly located in high-barrier submarkets in Dallas and Houston. David Levine, co-head of Americas acquisitions for Blackstone Real Estate, called the deal “another example of Blackstone Real Estate deploying capital during this period of market volatility.”
He continued, “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 $90 billion of warehouses in North America and nearly $170 billion in total around the world.”
At Crow Holdings, CEO Michael Levy said, “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.”
The transaction is expected to close in the second quarter.
Pictured: Wildlife Commerce Park in Grand Prairie, TX, developed by Crow Holdings.
- ◦Sale/Acquisition
