Blackstone Unit to Secure $331M for Retail Portfolio

February 5, 2026

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The assets are located across three major Texas markets.

Exterior shot of the Kroger store at Southlake Village — Southlake Village, a Kroger-anchored shopping center in Southlake, Texas, is one of the properties in the traded portfolio. *Image courtesy of Yardi Matrix*

Blackstone Real Estate Partners X will secure a $331.2 million CMBS loan backed by a 16-property retail portfolio, according to a recent Fitch Ratings report. Morgan Stanley Mortgage Capital Holdings will issue the two-year, floating-rate note with three one-year extension options.

Trimont will serve as master servicer, while Situs Holdings will be the special servicer. The transaction is expected to close on March 4.

The Blackstone affiliate purchased the collection in December for roughly $440 million, Bloomberg reported. Global Fund Investments sold the assets, according to Yardi Matrix information.

The grocery-anchored properties encompass 1.9 million square feet and are located across three Texas metros. Of the total, 11 are in Houston, four in Dallas-Fort Worth and one in San Antonio. At the time of the deal, the portfolio was 96.4 percent leased, with an average remaining lease term of 3.7 years.

Perform Properties manages the traded assets. Blackstone created the firm last May by combining EQ Office, ShopCore Properties and Retail Opportunity Investments Corp., the latter having been acquired last February.

Blackstone’s Texas purchase was not its only retail move of December. That month, the company also entered into a $1.5 billion partnership with MW Group and DivcoWest to acquire Alexander & Baldwin, Hawaii’s largest grocery-anchored shopping center owner.

U.S. retail market rebounds in Q4

In the fourth quarter of 2025, the U.S. retail landscape showed positive fundamentals, with net absorption clocking in at 7.4 million square feet, according to a Newmark report. This rebound signals occupier confidence has returned, as recent retail market trends show.

Meanwhile, sales in the sector amounted to $19.2 billion, up 36 percent over the year, the report noted. The average vacancy rate stood at 5.3 percent during the same time frame.