Funds affiliated with Blackstone Real Estate have agreed to acquire a 95% stake in an industrial portfolio developed by Dallas-based real estate investment and development firm Crow Holdings for $718 million.
Crow Holdings and its partners will retain 5% ownership.
“We are excited about the opportunity to partner with Blackstone in this investment portfolio,” Crow Holdings CEO Michael Levy said in a statement. “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’re 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.”
Crow Holdings said the portfolio consists of 25 Class A buildings totaling 6 million square feet and is predominantly located in high-barrier submarkets in Dallas and Houston, two of the top-performing U.S. logistics markets.
“This transaction is another example of Blackstone Real Estate deploying capital during this period of market volatility,” David Levine, co-head of Americas acquisitions for Blackstone Real Estate, said in a statement. “We’re thrilled to acquire this high-quality portfolio located in some of the best performing U.S. 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 $90 billion of warehouses in North America and nearly $170 billion in total around the world”
The deal is expected to close in this year’s second quarter.
Crow Holdings is a privately held real estate firm founded in 1948 based in Dallas. Its business activities include a leading real estate development and investment platform, an expanding traditional and renewable energy business, and broader private equity investment capabilities.
Crow Holdings manages $33 billion in assets and investments across a diversified business and investment portfolio. The firm, which has 18 offices across the U.S., said its on-the-ground presence amplifies its hands-on capabilities across a broad range of investment strategies and ventures in partnership with leading institutional and individual investors.
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