(Dallas, TX) November 1, 2004 — Crow Holdings, one of the nation's largest diversified investment holding companies, has acquired Industrial Properties Corporation (IPC), one of the oldest developers of industrial parks in the southwest.
The acquisition, valued at $209 million, includes IPC's portfolio of approximately 70 buildings, acreage and ground leases in Dallas, Austin, and San Antonio totaling more than eight million square feet, according to Randy Jurgensmeyer, a partner in Vinson & Elkins' Dallas office who specializes in financing and real estate law. In addition, the portfolio contains undeveloped acreage and the ground leases for several landmark properties, including Dallas Market Center, the Wyndham Anatole Hotel, and buildings in the Dallas Design District.
IPC becomes a wholly-owned subsidiary of Crow Holdings and a key component of one of Crow Holdings' real estate investment funds. The investment funds are partnerships between Crow Holdings and private and institutional investors such as university endowments, charitable foundations and pension funds. IPC and Mr. Trammell Crow first partnered in the early 1950s to develop Dallas' Trinity Industrial District. More than 40 buildings were developed by the joint venture including complexes of warehouses that changed the distribution system in the southwest. The partnership also constructed the Dallas Market Center campus of buildings, which constitute the world's largest wholesale merchandise mart. The partnership was amicably dissolved in 1972 when IPC sold its building equity to Trammell Crow but retained land ownership.
The Vinson & Elkins lawyers involved in the transaction were: Mr. Jurgensmeyer and Scott Wyatt, lawyers in the Business and International Law Section; Jeffrey Chapman, Chrissi Hathaway and Victoria Mitchell in the Corporate Law Section; Jim Meyer and Chris Kippes in the Tax Law Section; and Gary Short and Mary Steichen in the Employee Benefits and ERISA Law Section.
If you have any questions regarding the transaction or V&E;'s involvement, please contact senior communications specialist Darrin Schlegel at (713) 758-2171 or via email at dschlegel@velaw.com.
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