Blackstone has struck a deal to acquire a portfolio of industrial real estate from Crow Holdings for $718 million. The transaction highlights Blackstone’s strategic focus on logistics properties, which have become increasingly attractive in a market characterized by low vacancy rates and limited new construction.

The portfolio spans 6 million square feet across 25 properties, primarily concentrated in the industrial hubs of Dallas and Houston. Developed by Crow Holdings, the properties will remain partially owned by the seller, with Crow retaining a 5% stake while Blackstone takes a 95% interest. The acquisition marks another significant transaction in the industrial real estate sector, following Starwood Capital Group’s recent $685 million purchase of a warehouse portfolio from Goldman Sachs Group and Dalfen Industrial.

Blackstone’s commitment to logistics real estate is evident in its vast global warehouse portfolio, which is valued at nearly $170 billion. David Levine, co-head of Americas acquisitions for Blackstone Real Estate, emphasized the strategic importance of this deal during a period of economic uncertainty. “We are thrilled to acquire this high-quality portfolio located in some of the best-performing U.S. industrial markets,” Levine stated. “This transaction is another example of Blackstone Real Estate deploying capital during this period of market volatility.”