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In a $718 million deal, Core-plus funds affiliated with Blackstone Real Estate have agreed to acquire a 95 percent stake in an industrial portfolio developed by Crow Holdings. The portfolio includes 25 Class A buildings spanning 6 million square feet and is primarily situated in high-barrier submarkets within the Dallas and Houston metros.

The transaction is expected to close in the next quarter. Crow Holdings and its partners will retain a 5 percent interest in the assets. The value of Blackstone’s warehouse portfolio North America currently exceeds $90 billion. The firm will continue to focus on logistic hubs as vacancy rates remain low and new construction starts decreased more than 80 percent from the 2022 peak, according to a company statement.