CRG Announces Disposition of $425.15 Million, 4.52 MSF Industrial Portfolio to PRP

CHICAGO (February 9, 2022) — CRG, the national real estate development and investment firm, announced it has completed the $425.15 million portfolio sale of five new Class A industrial assets, all completed in 2021, to PRP, a leading investment management firm focused on credit net lease investments. The properties, all of which are fully leased, are located in metro Houston, St. Louis, Birmingham, Ala., and Greenville-Spartanburg, S.C.

Totaling over 4.52 million square feet, the properties are leased by companies including an affiliate of Techtronic Industries Co. Ltd., a major international e-commerce user, and a leading national home improvement company. The portfolio sale is the largest multi-property disposition by CRG to date and signals the company’s growing reputation with investors and tenants for top sites and high-quality, state-of-the-art warehouse and distribution facilities throughout the country. CRG’s parent company Clayco served as the builder, and Lamar Johnson Collaborative as the architect for all of the projects. Four of the buildings were build-to-suits, while the fifth was CRG’s proprietary The Cubes brand design.

“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,” said Shawn Clark, president of CRG. “Our business model sets us up for success as investors continue to look for opportunities in this sector. We continue to anticipate record demand for industrial properties in the coming years and are positioned well to deliver, modern facilities for our clients.”

CRG broke ground on over $1 billion of new development starts in 2021 in markets nationwide, which had vacancies ranging from 0-3% for new, Class A industrial assets – the type favored by major e-commerce and other distributors. CRG has completed, broken ground, or has planned industrial projects totaling over 50 million square feet nationally. CRG’s industrial brand, The Cubes, offer the state-of-the-art features these companies seek, including 40’ clear heights, ESFR sprinkler systems, large dock and drive-in doors, 185-foot-deep truck courts and plentiful trailer and auto spaces.

The portfolio sold to PRP includes:

The disposition team led by Esmael Hill includes Net Lease Group team members Philip Wickstrom, Rick Ross, Mark Lewensohn and Ross Wood, who assisted throughout the transaction from construction to completion. In addition to leading the disposition, Net Lease Group arranged the equity capitalization for the construction and development of the assets.

About CRG
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 leverages a powerful North American platform with local market expertise and offices in Atlanta, Chicago, Seattle, Southern California, St. Louis, Philadelphia and Phoenix. CRG’s philosophy of developing for the future and anticipating the enhanced needs of next-generation users led to the creation of its industrial brand, The Cubes, and its multifamily brand, Chapter. For more information, visit CRG’s website at

About The Cubes

The Cubes is a North American industrial brand owned and developed by CRG. The Cubes represents CRG’s philosophy of developing for the future and anticipating the enhanced needs of tomorrow’s modern industrial user. The Cubes are designed with an emphasis on sustainability, and they implement state-of-the-art specifications, including maximum clear heights, dock doors and trailer storage to keep pace with the shift to consumer-centric logistic strategies. The Cubes are located on strategic sites that take into consideration both logistics and labor supply, always with the end user in mind. 

About Clayco:Clayco is a full-service, turnkey real estate development, master planning, architecture, engineering, and construction firm that safely delivers clients across North America the highest quality solutions on time, on budget, and above and beyond expectations. With $3.8 billion in revenue for 2020, Clayco specializes in the “art and science of building,” providing fast track, efficient solutions for industrial, commercial, institutional and residential related building projects. For more information visit

About LJC:
LJC is a full-service design and architecture firm committed to enhancing the quality of the human experience and to improving how design and architecture can impact each individual’s emotional being. By harnessing the power of integrated design, including architecture, workplace strategy, interior design, landscape architecture, urban planning and engineering, the company achieves its clients’ goals and aspirations. For more information, please visit

About PRP:
PRP is a real estate investment management company with a focus on mission-critical corporate headquarters facilities leased to investment-grade companies on a long-term basis, value-add multifamily apartments and value add office. Founded in 2005, PRP executes multiple investment strategies and asset manages a national portfolio of assets on behalf of its institutional investors, family offices and financial institutions. PRP has proven expertise in selecting and managing attractive risk adjusted real estate investments located in major markets throughout the United States. Since its formation, the company has acquired, developed or invested in 46 assets with a value in excess of $5 Billion in all property sectors. PRP is privately held and is headquartered in Washington, DC. PRP is a creative buyer and seller of real estate and considers a variety of equity and debt investment structures. For more information on PRP, please visit