Crow Holdings Announces Sale of 5-Property, 2 Million-Square-Foot Southern California Industrial Portfolio

DALLAS--(BUSINESS WIRE)--Crow Holdings announced today the sale of a five-property industrial portfolio comprised of 11 buildings and totaling nearly two million square feet of space to the California State Teachers' Retirement System, CalSTRS, one the largest domestic public pension plans, for $320 million. The transaction is expected to be completed by May 2021.

This institutional-quality portfolio transaction comes just months after Crow Holdings announced the completion of the sale of an eight-property, 4.7-million-square-foot national industrial portfolio to PGIM in one of the largest industrial portfolio sales during the COVID-19 pandemic. Both the previously announced transaction and today’s transaction were made through Crow Holdings’ investment management company and are comprised of in-demand, state-of-the-art properties built from the ground-up. The five properties are all located within Southern California and cover three Inland Empire locations – Moreno Valley, San Bernardino and Rialto. The portfolio is currently 45% leased or agreed to terms.

“As a longstanding leader in the build-to-core industrial space, this transaction marks our continued ability to meet the growing demand of institutional investors to acquire portfolios at scale, even during a pandemic,” said Michael Levy, Chief Executive Officer of Crow Holdings. “The growth of last-mile logistics has only accelerated in the past year further bolstering a longer-term global trend.”

“This portfolio is attractive because of its geographic concentration within Southern California and the upside of leasing momentum already underway, providing both cash flow and capital appreciation,” said Bob McClain, CEO of Crow Holdings’ investment management company, Crow Holdings Capital. “There are few players that have the ability to build, assemble, lease and sell large portfolios of high-quality assets in attractive locations, demonstrating the competitive advantages of the Crow Holdings platform.”

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 and its industrial development business. Since 1998, Crow Holdings operating companies have developed or owned more than 170 industrial properties with an additional 54 currently in development, representing approximately 90 million square feet of industrial space across the U.S.

About Crow Holdings

Crow Holdings is a privately-owned, Dallas-based real estate investment and development firm with a 70-year operating history and over $20 billion of assets under management. With a strong track record of performance across property types and market cycles, its activities span a range of strategies and return profiles. Operating from 17 offices across the U.S., Crow Holdings has extensive industry reach with expertise in multifamily, industrial, office and specialty sectors. Over the past 40 years, Crow Holdings operating companies have developed or acquired more than 1,000 multifamily communities, representing more than 300,000 units, and since 1998, have developed or acquired approximately 90 million square feet of industrial real estate across the U.S. For more information, please visit www.crowholdings.com.