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,” says 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 co