Blackstone’s 6 MSF Industrial Portfolio Deal Closes

Crow Holdings has completed the recapitalization of a 6 million-square-foot industrial portfolio with Core+ funds affiliated with Blackstone Real Estate. Newmark represented Crow Holdings in the deal.

Under the terms of the transaction, which was first announced in April, Blackstone acquired a 95 percent stake in the portfolio, and Crow Holdings and its partners retained 5 percent. The portfolio comprises 25 Class A infill buildings in the Dallas, Houston and Chicago metro areas.

A Newmark spokesperson did not immediately reply to Commercial Property Executive’s request for additional information.

Newmark Senior Managing Director Dom Espinosa, President & Global Head of Industrial & Logistics Capital Markets Jack Fraker, Vice Chairman Dustin Volz and Executive Vice Chairman Kevin Donner advised Crow Holdings in the transaction. The company’s Co-Head of U.S. Capital Markets Adam Spies, Executive Vice Chairmen Marcella Fasulo and Josh King also supported negotiations.

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Fraker commented on how the transaction demonstrates investor interest in well-located Class A logistics assets, and Espinosa added that it also underscores the strengths of the industrial markets in those three metros.

Fried Frank was the legal counsel for Crow Holdings.

Both industrial and not

In another major transaction, a joint venture of Blackstone and Worthe Real Estate Group recently sold the former Los Angeles headquarters of Forever 21, the largely defunct fast-fashion retailer. The 1.8 million-square-foot campus, which featured both industrial and office space, was acquired by Related Fund Management and Newland Capital Group for $120 million.

In June, Blackstone’s Link Logistics unit sold the Las Vegas Logistics Center to NorthPoint Development for $175 million. The 1 million-square-foot Class A industrial portfolio consists of three buildings in North Las Vegas.

Colliers brokered the deal and arranged the $112.5 million acquisition financing from RGA Reinsurance Co. The transaction reportedly was one of the Las Vegas market’s largest infill industrial deals so far this year.