TPG Venture Buys ECHO Realty

A TPG Real Estate-led investor group has acquired grocery-anchored retail owner and operator ECHO Realty in a transaction valued at approximately $2 billion. The acquisition was completed in partnership with PSP Investments, La Caisse and Norges Bank Investment Management.

ECHO’s management team will remain in place as the company pursues expansion across existing and new markets. The firm owns and operates approximately 230 retail centers across midwestern and southeastern markets.

BofA Securities served as exclusive financial advisor to ECHO. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to the company, while Sterlington PLLC advised ECHO’s management team. TPG was advised by Eastdil Secured and BMO Capital Markets, with Kirkland & Ellis serving as legal counsel.

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Founded in 2000, ECHO has a portfolio mainly anchored by grocery and convenience retailers, including Giant Eagle, Publix, Harris Teeter, Safeway, ACME Markets, Whole Foods Market and Alimentation Couche-Tard’s GetGo stores. Since its inception, the company has acquired and developed more than 16 million square feet of neighborhood and regional shopping centers.

Under the new ownership structure, the investor group plans to partner with ECHO’s leadership team to expand the platform and acquisitions, and strengthen leasing, property management and brokerage operations.

Grocery-anchored centers draw investors

The transaction underscores continued institutional interest in grocery-anchored shopping centers, a subsector that has attracted significant capital in recent years due to its stable tenant base and relative insulation from e-commerce pressures.

Just last week, another grocery-anchored retail asset changed hands. CTO Realty Growth sold Madison Yards, a 162,500-square-foot shopping center in Atlanta for $73.3 million.

In another southeastern deal, TA Realty paid $55.4 million for Peachtree Station, a 106,388-square-foot retail center, also in Atlanta. Harrison Street Asset Management sold the asset, which is anchored by Whole Foods Market.