Blackstone Snaps Up 6 MSF Industrial Portfolio for $718M
Core-plus funds affiliated with the company will purchase a 95 percent stake from Crow Holdings.
In a $718 million deal, Core-plus funds affiliated with Blackstone Real Estate have agreed to acquire a 95 percent stake in an industrial portfolio developed by Crow Holdings. The portfolio includes 25 Class A buildings spanning 6 million square feet and is primarily situated in high-barrier submarkets within the Dallas and Houston metros.
The transaction is expected to close in the next quarter. Crow Holdings and its partners will retain a 5 percent interest in the assets.
The value of Blackstone’s warehouse portfolio North America currently exceeds $90 billion. The firm will continue to focus on logistic hubs as vacancy rates remain low and new construction starts decreased more than 80 percent from the 2022 peak, according to a company statement.
Blackstone’s recent deals
At the beginning of the year, Blackstone sold a 21-building, 2.1 million-square-foot industrial portfolio for $293 million. A partnership between Goldman Sachs Alternatives and Dalfen Industrial acquired the last-mile facilities in Dallas, Philadelphia, Pennsylvania, Cincinnati and Las Vegas.
A month later, Blackstone Real Estate Partners X received approvals from Retail Opportunity Investments Corp.’s shareholders for the merger agreement proposed in November. The all-cash deal was valued at approximately $4 billion, with Blackstone acquiring all outstanding shares of ROIC’s common stock at $17.50 per share.
Additionally, Blackstone closed an $8 billion real estate debt fund dubbed Blackstone Real Estate Debt Strategies V in March. This vehicle is the second of its kind to secure such a large capital commitment and will focus on corporate credit, liquid securities, global lending and structured solutions for banks, insurance, and mortgage companies in North America, Europe, and Australia.
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