Crow Holdings Sells Stake in 6 MSF Industrial Portfolio

Wildlife Commerce Park. Image courtesy of Crow Holdings

Crow Holdings has just established a joint venture with Allianz Real Estate, launching the new endeavor with the direct sale of a 49 percent interest in a 6.1 million-square-foot industrial portfolio to the partnership. The collection of assets consists of 19 properties, all of which were developed from the ground up by Crow.

READ ALSO: Buildings of Tomorrow: Future Warehouses

The new joint venture between Crow and Allianz, which entered into the partnership on behalf of several Allianz Group companies, will manage the portfolio with the goal of maximizing cash flow while growing the collection over the long term. The centerpiece of the group is Wildlife Commerce Park, a 3.8 million-square-foot development in Grand Prairie, Texas, in the Dallas-Fort Worth area. Spanning 220 acres, Wildlife Commerce is a premier industrial park, highlighted by a 100-acre lake and 11 buildings ranging in size from approximately 100,000 square feet to 700,000 square feet.

Wildlife Commerce Park. Image courtesy of Crow Holdings

The remaining assets in the joint venture’s new portfolio include buildings sited in the prominent industrial markets of Chicago, Dallas, Houston and Southern California. All 19 properties have youth on their side, having been developed no earlier than 2014, and most of them are LEED certified or LEED qualified. Among the portfolio’s notable tenants is Haier, which opened a 700,000-square-foot distribution center at Wildlife Commerce Park for its subsidiary, GE Appliances, in 2018.

Partnership trends

As the industrial sector continues to thrive, due in no small part to the pandemic-induced growth in e-commerce, an increasing number of investors are joining forces to capitalize on the sector’s growth. During the fourth quarter, Plymouth Industrial REIT launched a $150 million equity joint venture with Madison International Realty, with a focus on the acquisition of value-add and opportunistic industrial assets in prime U.S. markets. And just this week, investment management firm Stockbridge announced the formation of a joint venture with National Pension Service of Korea for the acquisition of core logistics properties across the U.S.