Harlan Crow’s firm, Crow Holdings, has completed a significant refinancing deal involving nearly 200 retail properties nationwide. The company announced that it recapitalized 194 retail assets, totaling 4.5 million square feet across 30 states. The exact financial terms of the transaction were not disclosed.
Crow Holdings Capital, the investment management arm of Crow Holdings, led the deal and secured a new partner whose identity was not revealed. This move follows an earlier joint venture between Crow Holdings Capital and a global institutional investor aimed at acquiring convenience-focused retail properties in 2023.
The portfolio is currently 93 percent leased and has experienced a 41 percent increase in revenue since 2020. It comprises approximately 2,000 tenant suites with an average size of 2,250 square feet. The specific locations of these properties were not provided by the company.
Sterling Hillman of Crow Holdings Capital commented on the sector’s outlook: “The firm’s belief in the durability and strength of ‘necessity-based’ retail is now further enhanced by the most compelling supply/demand conditions we’ve seen in well over a decade.”
After the Great Financial Crisis and growth in online shopping, some experts predicted a decline in retail real estate development. However, recent trends show renewed interest in experiential retail following the pandemic.
In Dallas-Fort Worth, retail rents have risen over the past year from $19.78 per square foot to $20.28 per square foot, according to Partners Real Estate. Vacancy rates remain steady at 4.8 percent. These stable market conditions have allowed spaces vacated by large retailers such as Party City to be filled by businesses like fitness chains and Barnes & Noble, which is experiencing renewed growth.
