Core-plus 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, 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,” said David Levine, co-head of Americas acquisitions for Blackstone Real Estate. “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 percent 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 Americ
