Funds managed by Crow Holdings Capital, the real estate investment management arm of Crow Holdings, sold an eight-property industrial portfolio comprised of 15 buildings and totaling 4.7 million square feet of space to PGIM Real Estate. The portfolio traded for a reported $425 million.
This sale represents one of the largest portfolios of industrial assets to sell during the COVID-19 pandemic. The properties are located in the Dallas-Fort Worth metro as well as other key U.S. markets including Atlanta, Denver and Phoenix. Across the portfolio, leased occupancy improved three-fold during the sale process. Tenants include an array of national retail chains and corporations.
“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. “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.”