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Crow Holdings sells stake in huge industrial building portfolio

Dallas-based investor and developer Crow Holdings has sold a 49% share in more than a dozen industrial buildings to Allianz Real Estate.

The deal includes more than 6 million square feet of buildings in Chicago, Dallas, Houston and Southern California.

The largest portion of the transaction is Crow Holdings’ 11-building, 3.8 million-square-foot Wildlife Commerce Park in Grand Prairie. The 220-acre business park is on South Belt Line Road north of Interstate 30.

The buildings included in the sale to Allianz were developed by Crow Holdings starting in 2014.

“By analyzing tenant demand patterns in major U.S. logistics hubs, Crow Holdings successfully assembled and developed this long-term, build-to-core portfolio of high-quality industrial properties,” Michael Levy, chief executive of Crow Holdings, said in a statement. “We continue to build upon our strategy of establishing trusted partnerships with premier institutions to capitalize on the long-term secular growth of e-commerce.

“We are excited to partner with Allianz Real Estate, a top-tier global investor that shares our confidence in the U.S. industrial real estate sector, on this venture,” he said. “As a longstanding partner to Crow Holdings, we look forward to continuing to work with them to optimize these assets, which benefit from the major tailwinds of increasing logistics demand.”

Crow Holdings and Allianz plan to own the buildings long term.

Crow Holdings is one of the largest industrial developers in North Texas. It has 39 projects with 78 million square feet of industrial space under construction nationwide.

“Partnering with Crow Holdings — a trusted partner for several years on both the debt and equity side — allows us to grow alongside a developer that understands the dynamics and needs of the U.S. market,” said Christoph Donner, CEO of Allianz Real Estate of America. “Allianz remains focused on long-term opportunities, making this investment an excellent fit for our portfolio.

“Crow Holdings’ decades of experience and track record give us the confidence to further expand our joint platform.”

Terms of the transaction were not disclosed.

One of the more than dozen buildings sold was at 2801 N. Houston School Road in Lancaster.

It’s the second big industrial building sale for Crow Holdings since the start of the pandemic.

This summer, Crow Holdings sold 15 warehouse and distribution buildings to PGIM Real Estate in a deal valued at $425 million. The 4.7 million-square-foot sale included buildings in the Dallas-Fort Worth area, Denver, Atlanta and Phoenix.

Dallas-Fort Worth is the largest industrial building market in the country in terms of leasing and construction. Almost 25 million square feet of additional warehouse space is currently under construction.

Industrial buildings have been in hot demand this year because of increasing distribution operations caused by the COVID-19 pandemic. Investors have gobbled up billions of dollars of warehouse buildings around the country.

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