Blackstone (NYSE: BX) has acquired a 95% stake in an industrial portfolio developed by Crow Holdings for $718 million. Crow Holdings and its partners will retain 5% ownership.
The portfolio consists of 25 Class A buildings totaling 6 million square feet and is predominantly located in the Dallas and Houston submarkets. The transaction is expected to close in the second quarter.
“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 US 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.”
