Crow Holdings announced Aug. 27 that funds managed by Crow Holdings Capital, its real estate investment management company, have completed the sale of an eight-property industrial portfolio comprised of 15 buildings and totaling 4.7 million square feet of space to PGIM Real Estate.of space to PGIM Real Estate.
This sale represents one of the largest portfolios of industrial assets to sell during the COVID-19 pandemic. The eight properties are located in five key U.S. markets – Atlanta, Dallas, Denver, Fort Worth, and Phoenix – growing population centers located near gateway airports. Across the portfolio, leased occupancy improved three-fold during the sale process. Tenants include an array of national retail chains and corporations. The Fort Worth property sold includes five buildings, totaling 1.1M square feet in the Carter Distribution Center FED at 6633 Oak Grove Road. The other Texas location is in Lancaster, 1.2M square feet in the I-35 Logistics project.
“This transaction demonstrates Crow Holdings’ longstanding expertise and leadership in the industrial asset class across our broad real estate investment management and development companies,” said Michael Levy, Chief Executive Officer of Crow Holdings. “Our ability to source, build, stabilize and sell industrial properties across the U.S. – combined with our 70-year history of performance in real estate – uniquely positions our firm to capitalize on the secular forces driving the growth of e-commerce over the past several years, which continues to accelerate as a result of the pandemic. Increased e-commerce sales and the post-pandemic focus on domestic onshoring and deeper inventory levels all point to a positive long-term outlook for industrial real estate.”
“Our team constructed this portfolio of state-of-the-art industrial properties in key markets with immediate access to critical infrastructure to be attractive to both institutional buyers and high-quality tenants,” said Bob McClain, Chief Executive Officer of Crow Holdings Capital. “We take great pride in our ability to construct, lease and monetize such an impressive collection of industrial assets during the COVID-19 pandemic.” Since 1948, Crow Holdings has been investing in the industrial and logistics sector, and has grown to become a market leader across both its institutional real estate asset management business (Crow Holdings Capital) and its industrial development business (Crow Holdings Industrial). Over the past 22 years, Crow Holdings operating companies have developed or owned 107 industrial properties with an additional 46 currently in development, representing over 71 million square feet of industrial space across the U.S.