Winstead PC advised various entities advised by Crow Holdings Capital Partners, L.L.C. in the sale of 15 supply chain logistics warehouse and distribution facilities to PGIM Real Estate in a portfolio transaction valued at $425 million. The transaction has been reported by numerous sources as one of the largest industrial transactions in the COVID-19 pandemic era.
Shareholder Greg Zimmerman and Associates Jani Lotz, Perry Klauber and Harrison Papaila represented the entities advised by Crow Holdings Capital Partners, L.L.C. during the 4.7 million-square-foot sale, which includes buildings in Dallas, Fort Worth, Denver, Atlanta, and Phoenix.
“This transaction went to market in the pre-COVID-19 era of 2020 and the number of qualified purchasers was controlled due to the portfolio value,” Zimmerman said. “The pricing survived the spring shut-down of the economy because of the incredible opportunity to acquire top-of-class supply chain logistics properties in key markets.”
A subsidiary of Prudential Financial, PGIM Real Estate is one of the largest real estate managers in the world. The Dallas Morning News reported that “all the buildings purchased from the entities advised by Crow Holdings Capital Partners, L.L.C. are newly constructed or still under construction and are located in key U.S. distribution markets.”
Jani Lotz, who led the seller legal team in the closing process, said the deal was completed with “an incredible team effort to simultaneously close multiple property sales in four different states.”
With more than 100 real estate attorneys across seven offices, Winstead’s experience spans the full spectrum of real estate services. Attorneys in Winstead’s Real Estate Industry Group guide clients in relation to prominent real estate projects across the nation, representing regional and national real estate developers and investors in sales, purchases, equity investments and funding.
Several news outlets have covered the transaction, including:
Dallas Business Journal
Dallas Morning News
Winstead is a national business law firm with nearly 300 attorneys who serve as trusted advisors to emerging, mid-market and large companies, both public and private. The Winstead team provides a range of core legal services that are critical to our clients achieving their business goals. Winstead’s business transactions and litigation practices serve key industries including airlines, financial services, healthcare, investment management/private equity, life sciences, real estate, sports business and universities.