Crow Sheds Five-Property Portfolio for $320M
By: Lisa Brown
Crow Holdings recently sold a five-property industrial portfolio comprised of 11 buildings totaling nearly 2 million square feet to the California State Teachers' Retirement System, CalSTRS, for $320 million. The transaction is expected to be completed by May 2021.
The five properties cover three Inland Empire locations – Moreno Valley, San Bernardino and Rialto. The portfolio is currently 45 percent leased or agreed to terms.
“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.”
This transaction comes just months after Crow Holdings sold 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.