Thompson Coburn represented CRG in a recent $425.15 million portfolio sale of five new Class A industrial assets to PRP LLC, a leading investment management firm focused on credit net lease investments. The portfolio sale is the largest multi-property disposition by CRG to date.
Totaling over 4.52 million square feet, the properties are located in metro Houston, St. Louis, Birmingham, Ala., and Greenville-Spartanburg, S.C. The sites are fully leased by companies including an industry leading power tools manufacturer, a major international e-commerce user, and a leading national home improvement company.
Thompson Coburn client CRG is a privately held, national real estate development and investment firm that has developed more than 10,000 acres of land and delivered over 210 million square feet of commercial, industrial, institutional and multifamily assets exceeding $13 billion in value. CRG’s parent company, Clayco served as the builder for the projects.
Partner Jim Dillon led the deals with significant assistance from Counsel Daniel North, who is the relationship manager for CRG and Clayco.
The sale signals CRG's growing reputation with investors and tenants for top sites and high-quality, state-of-the-art warehouse and distribution facilities throughout the country. Shawn Clark, president of CRG said “PRP is a leading investor in Class-A tenant assets, and their acquisition of these assets – and the high quality of the tenants leasing them – is a testament to our national strategy, vertically integrated planning-design-construction model that allows us to respond nimbly and quickly to opportunities."
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