Blackstone Acquires Majority Stake in $718M Crow Holdings Industrial Portfolio
Blackstone and Crow Holdings announced on Thursday that core-plus funds affiliated with Blackstone Real Estate have agreed to acquire a 95% ownership stake in an industrial real estate portfolio developed by Crow Holdings. The transaction is valued at $718 million. Crow Holdings and its partners will retain the remaining 5% stake in the portfolio.
The portfolio includes 25 Class A industrial buildings, totaling six million square feet. The properties are primarily located in high-barrier submarkets across Dallas and Houston, areas known for strong demand and limited supply.
David Levine, co-head of Americas acquisitions for Blackstone Real Estate, said the deal represents a strategic investment amid a volatile market environment. “With limited vacancy and new construction starts down over 80% from the 2022 peak, logistics remains a high-conviction theme for us,” Levine said. “We are proud owners of more than $90 billion of warehouses in North America and nearly $170 billion worldwide.”
Michael Levy, CEO of Crow Holdings, added, “We are extremely proud of our team for developing such a high-quality portfolio that attracted Blackstone, a global leader in the logistics industry. We look forward to the possibilities this partnership will bring.”
The transaction is expected to close in the second quarter of the year.
