Crow Holdings has sold a five-property industrial portfolio comprised of 11 buildings to the California State Teachers’ Retirement System, CalSTRS, for $320 million.
The five properties are all located within Southern California and cover three Inland Empire locations – Moreno Valley, San Bernardino and Rialto.
The portfolio, totaling nearly two million square feet of space, is currently 45% leased or agreed to terms.
This 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.
Crow Holdings said the transaction is expected to be completed by May 2021.
“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,” he added.
“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,” added McClain.