Chicago-based CRG has completed the $425.15-million portfolio sale of five new Class A industrial assets, all completed in 2021, to PRP, a Washington, DC-based investment management firm focused on credit net lease investments. The properties, all fully leased, are located in metro Houston; St. Louis; Birmingham, AL; and Greenville-Spartanburg, SC.
Totaling more than 4.52 million square feet, the portfolio sale is the largest multi-property disposition by CRG to date. Four of the buildings were build-to-suits, while the fifth, a 1.4-million-square-foot space in Greenville-Spartanburg, was a speculative development that was designed and built using CRG’s proprietary industrial brand, The Cubes.
“PRP is a leading investor in Class-A tenant assets, and its acquisition of these assets – and the high quality of the tenants leasing them – is a testament to our national strategy and vertically integrated planning-design-construction model that allows us to respond nimbly and quickly to opportunities,” said CRG president Shawn Clark.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!