DALLAS AND HOUSTON — Blackstone Real Estate (NYSE: BX), the largest owner of commercial real estate globally, has agreed for its Core+ funds business affiliate to acquire a 95 percent stake in an industrial portfolio in Texas totaling 6 million square feet. The purchase price is $718 million.
Crow Holdings, the Dallas-based real estate and development firm that developed the properties, is the seller and will retain a 5 percent ownership stake.
The transaction is expected to close in the second quarter of 2025.
The portfolio comprises 25 Class A buildings located predominantly in submarkets of Dallas and Houston. According to Blackstone, the metros are two of the top-performing logistics markets in the country.
“We are thrilled to acquire this high-quality portfolio located in some of the best performing U.S. industrial markets,” says David Levine, co-head of Americas acquisitions for Blackstone. “With limited vacancy and new construction starts down over 80 percent 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.”
Founded in 1991, Blackstone currently has $315 billion of investor capital under management and owns and operates assets across every sector, including logistics, data centers, residential, office and hospitality. Blackstone’s Core+ business invests in substantially stabilized real estate assets throughout the globe.
The New York City-based company’s stock price closed on Wednesday, April 9 at $137.36 per share, up from $126.08 a year ago, a nearly 9 percent increase.
Private real estate firm Crow Holdings was founded in 1948. The company’s business includes development and investment business verticals, with $33 billion in assets and investments under management.
— Hayden Spiess