Harlan Crow’s Crow Holdings has completed a significant refinancing deal involving nearly 200 retail properties across the United States. The Dallas-based company announced that the recapitalization covers 194 retail assets totaling 4.5 million square feet in 30 states. While the financial terms were not disclosed, Crow Holdings Capital, the firm’s investment management arm, facilitated the transaction and brought in an unnamed partner.
This latest move builds on a previous joint venture between Crow Holdings Capital and a global institutional investor to acquire convenience-focused retail properties in 2023. According to the company, the portfolio is currently 93 percent leased and has seen a 41 percent increase in revenue since 2020. The properties include about 2,000 tenant suites, each averaging 2,250 square feet. Specific locations of these assets were not revealed.
Sterling Hillman of Crow Holdings Capital commented on the state of necessity-based retail: “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 with online retailers like Amazon gaining ground, some experts predicted that retail real estate would decline sharply. However, recent trends suggest renewed consumer interest in experiential retail options.
In Dallas-Fort Worth, for example, retail rents have risen from $19.78 per square foot last year to $20.28 per square foot, based on a report from Partners Real Estate. Vacancy rates have remained steady at 4.8 percent. This stability has allowed the market to absorb closures by major chains such as Party City, with spaces often being filled by experiential businesses like fitness centers or retailers such as Barnes & Noble.
The recapitalization underscores continued institutional interest in U.S. retail real estate amid changing consumer habits and stable market fundamentals.
