Stock market volatility may have gripped Wall Street, but investors are still betting big on industrial real estate.
Dallas-based Crow Holdings is offloading a Texas industrial portfolio to Blackstone for $718 million, the Dallas Morning News reported. It includes 25 buildings totaling 6 million square feet across the Dallas and Houston markets.
The deal gives Blackstone a 95 percent stake, with Crow Holdings and its partners retaining the remaining 5 percent. The transaction is expected to close in the second quarter of 2025.
The buildings are Class A logistics assets, mostly clustered in two of the country’s top-performing industrial markets. The sale adds to Blackstone’s already deep holdings in North Texas — where the firm ranked No. 2 by rentable square footage last year, with nearly 37 million square feet across multifamily, industrial and retail.
The move also reflects Crow Holdings’ ongoing capital rotation strategy.
The firm, which manages $33 billion in assets, has ramped up development and joint ventures in recent years, even as interest rate volatility and slowing construction starts have softened investment appetite nationwide.
Founded by Trammell Crow in 1948, the firm remains one of the region’s most active developers. It raised $3.7 billion for a new investment fund last year and continues to pursue new logistics deals across the Sun Belt. The Blackstone sale offers Crow both liquidity and long-term upside through its retained equity slice.
Blackstone’s Core+ Real Estate unit, the buyer, is focused on long-hold, stable assets. The portfolio fits into its “high conviction” bet on logistics, Blackstone’s David Levine said in a statement, particularly as warehouse construction has slowed by more than 80 percent since 2022. Vacancy in Dallas-Fort Worth remains low despite national headwinds, and Blackstone is still in accumulation mode.
The deal also adds momentum to DFW’s position as the most active industrial sales market in the U.S. so far this year, with $415 million in transactions recorded year-to-date, according to CommercialEdge — likely excluding the Crow-Blackstone deal, which hasn’t yet closed.
Neither firm disclosed the specific properties involved, and Crow declined to comment ahead of publication.
— Judah Duke
Read more
