NEW YORK & DALLAS—Blackstone and Crow Holdings announced that Core+ funds affiliated with Blackstone Real Estate have agreed to acquire a 95 percent stake in an industrial portfolio developed by Crow Holdings for $718 million. Crow Holdings and its partners will retain 5 percent ownership. 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.
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 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.”
Michael Levy, chief executive officer 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.”
The transaction is expected to close in the second quarter of 2025.
