NEW YORK & DALLAS—Blackstone and Crow Holdings introduced that Core+ funds affiliated with Blackstone Actual Property have agreed to amass a 95 % stake in an industrial portfolio developed by Crow Holdings for $718 million. Crow Holdings and its companions will retain 5 % possession. The portfolio consists of 25 Class A buildings totaling 6 million sq. ft and is predominantly positioned in high-barrier submarkets in Dallas and Houston.
David Levine, co-head of Americas acquisitions for Blackstone Actual Property, stated, “This transaction is one other instance of Blackstone Actual Property deploying capital throughout this era of market volatility. We’re thrilled to amass this high-quality portfolio positioned in among the best-performing U.S. industrial markets. With restricted emptiness and new development begins down over 80% from the 2022 peak, logistics stays a excessive conviction theme for us; we’re proud homeowners of greater than $90 billion of warehouses in North America and almost $170 billion in whole all over the world.”
Michael Levy, chief govt officer at Crow Holdings, stated, “We’re excited concerning the alternative to companion with Blackstone on this funding portfolio. Our firm was based by Trammell Crow when he constructed his first warehouse in Dallas in 1948 – a constructing that we nonetheless personal right now. We’re extraordinarily pleased with our workforce for growing such a high-quality portfolio that attracted Blackstone, a worldwide chief within the logistics business, and we sit up for the partnership’s prospects.”
The transaction is predicted to shut within the second quarter of 2025.
