Dallas-based Crow Holdings has just made one of the greatest industrial building sales since the start of the COVID-19 pandemic.
Crow Holdings sold 15 warehouse and distribution structures to PGIM Property in a deal valued at $425 million.
The 4.7 million-square-foot sale includes structures in the Dallas-Fort Worth area, Denver, Atlanta and Phoenix.
One of the residential or commercial properties is Crow Holding’s new I-35 Logistics Crossing in Lancaster.
Food firm Mars Inc. and California-based ICU Medical have actually just recently leased distribution space in the structures at 2801 N. Houston School Road.
“Our capability to source, construct, stabilize and sell industrial residential or commercial properties throughout the U.S.– combined with our 70-year history of efficiency in real estate– uniquely positions our firm to take advantage of the nonreligious forces driving the growth of e-commerce over the past several years, which continues to speed up as an outcome of the pandemic,” Crow Holdings CEO Michael Levy said in a declaration. “Increased e-commerce sales and the post-pandemic focus on domestic onshoring and much deeper inventory levels all point to a positive long-lasting outlook for industrial real estate.”
PGIM Property, a subsidiary of Prudential Financial, said all the structures it purchased from Crow Holdings are recently built or still under building and construction and are located in essential U.S. distribution markets.
Need for industrial structures has soared with the pandemic and more e-commerce activity.
4 of the completed structures PGIM purchased are fully leased, and 2 others partly leased.
“This transaction allowed us to take advantage of an extremely unusual chance to obtain a big top quality industrial portfolio that would have otherwise taken years to construct or assemble,” said Frank Garcia, handling director and senior portfolio manager for PGIM Property’s U.S. core technique. “This quarter, we‘ve included 49 best-in-class industrial residential or commercial properties totaling 12.3 million square feet to our core fund, located throughout highly desired U.S. distribution markets.”
Dallas-based Crow Holdings Capital, the investment management business that completed the sale, handles about $10.5 billion in real estate possessions. The business just recently partnered with Gruene Property Partners and Weber & & Co. to develop a three-building Intermodal Commerce Park in Haslet in Denton County.
PGIM Property is among the largest real estate managers worldwide and handles $179.4 billion in gross possessions.
North Texas is among the country’s fastest-growing industrial markets with more than 23 million square feet of space under building and construction. And Crow Holdings has been among the area’s greatest financiers in new industrial space.