Crow Holdings Recapitalizes National Retail Portfolio of 194 Properties

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DALLAS--(BUSINESS WIRE)--Oct 9, 2025--

Crow Holdings, a leading national real estate investment and development firm, announced today the recapitalization of a 194-property, 4.5 million square foot national retail portfolio (the “Portfolio”) across 30 states.

Facilitated by Crow Holdings Capital (“CHC”), the firm’s investment management business, the transaction brings in a new investment partner to the platform, building on the joint-venture CHC had previously formed with a global institutional investor in 2023 to acquire small-format, convenience-oriented, open-air, food and service shopping centers with strong demographics and fundamentals across top U.S. markets.

“We are thrilled to expand this partnership, which is an instrumental step in scaling our business into a leading small-format food and service platform in the U.S.,” said Michael Levy, CEO, of Crow Holdings. “In a sector where ownership often times misses the opportunity to significantly grow income and remains largely fractured and non-institutional, our platform presents a unique opportunity to invest with a best-in-class operator in a portfolio of scale that is well-positioned for additional growth.”

Since 2023, when the platform was valued in excess of $1.8 billion, the joint venture has acquired over $220M in additional assets, demonstrating significant expansion in markets powered by the secular trends of domestic migration, limited supply, and consumer behavior. Benefitting from a highly diversified geographic footprint without significant tenant concentration, the Portfolio is currently 93% leased and has proved to be resistant to disruption, generating a 41% revenue increase since 2020.

“In our years of experience, we’ve maintained conviction that this necessity-based retail features some of the strongest real estate fundamentals and the deepest pool of tenancy in the market, which is now further enhanced by the most compelling supply/demand conditions we’ve seen in well over a decade,” said Sterling Hillman, Senior Managing Director in the Food & Service Retail group of Crow Holdings Capital. “As previously perceived retail headwinds shift to tailwinds, our experienced team is seeing this supply imbalance and tenant demand dynamic intersect, which has translated to occupancy gains and vacancies sitting around historic lows. We’re confident that our segment expertise and proven track record, combined with the strength of these underlying asset fundamentals, will continue unlocking value and identifying attractive opportunities alongside partners who share the conviction around this opportunity set.”

The Portfolio’s assets are spread across growth-oriented markets in the Southeast, Southwest, West, Midwest, and Northeast. The 194 properties are comprised of approximately 2,000 tenant suites with an average size of approximately 2,250 square feet.

About Crow Holdings

Crow Holdings is a privately owned real estate investment and development firm with a 75-plus-year history of performance, partnership, and integrity. Headquartered in Dallas, Texas, and operating from 18 offices nationwide, the firm manages more than $34 billion in assets across a diversified platform that includes real estate strategies, development, and alternative investments. Crow Holdings is one of the country’s largest developers of multifamily and industrial properties, with additional investments in the energy sector, including solar and battery storage. Through its local market expertise and longstanding institutional relationships, Crow Holdings pursues opportunities aligned with enduring secular trends and long-term value creation. With a legacy of looking forward, Crow Holdings holds firmly to a partnership mindset, strategic foresight, and disciplined execution. For more information, please visit www.crowholdings.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20251009400241/en/

CONTACT: Adam McGill

Crow Holdings

[email protected]

Prosek Partners

[email protected]

KEYWORD: UNITED STATES NORTH AMERICA TEXAS

INDUSTRY KEYWORD: PROFESSIONAL SERVICES OTHER CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE FINANCE CONSTRUCTION & PROPERTY REIT

SOURCE: Crow Holdings

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PUB: 10/09/2025 10:00 AM/DISC: 10/09/2025 09:59 AM

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