Newmark Advises on Recapitalization of Six Million-SF Multi-Market Industrial Portfolio with Blackstone

Photo Credit: Newmark

July 1, 2025 2:00 PM

Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the Company advised Crow Holdings on the recapitalization of a six-million-square-foot industrial portfolio with Core+ funds affiliated with Blackstone Real Estate. Blackstone acquired a 95% stake in the portfolio, which includes 25 Class A buildings located in Dallas, Houston and Chicago.

Newmark Senior Managing Director Dom Espinosa, President and Global Head of Industrial & Logistics Capital Markets Jack Fraker, Vice Chairman Dustin Volz and Executive Vice Chairman Kevin Donner advised Crow Holdings in the transaction. Newmark’s Co-Head of U.S. Capital Markets Adam Spies, Executive Vice Chairmen Marcella Fasulo and Josh King also supported negotiations.

“Capital markets activity in high-growth U.S. markets continues to demonstrate strong investor appetite, with industrial remaining a top target for long-term capital,” said Chad Lavender, Newmark President of Capital Markets for North America. “We’re proud to have advised on a transaction of this scale, which showcases both the sector’s strength and our team’s expertise in delivering strategic outcomes for our clients.”

Crow Holdings is a leading real estate development and investment management firm founded by industry icon Trammell Crow in 1948. The Dallas-based firm has $33 billion in assets under management and one of the largest multifamily and industrial development platforms in the nation.

“This notable transaction underscores the continued conviction in industrial as a leading asset class – particularly in high-performing markets,” said Fraker. “Demand for well-located, Class A logistics space remains robust and this portfolio represents the type of institutional-quality product investors are eager to acquire.”

“This closing brings together a unique partnership between the world’s largest real estate investor and one of the nation’s premier, privately-held real estate development and investment firms,” said Espinosa. “It’s a strong endorsement of the Dallas, Houston and Chicago industrial markets, the infill nature of the assets and the long-term value of state-of-the-art building specifications.”

Legal counsel for Crow Holdings was provided by Fried Frank.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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