Crow Holdings Recaps 194 Retail Assets

October 10, 2025

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The deal includes properties across 30 states.

Crow Holdings has recapitalized a portfolio of 194 retail assets totaling 4.5 million square feet across 30 states. The financing was arranged by Crow Holdings Capital, the firm’s investment management business.

CHC is also teaming up with another investment partner on the deal, which includes small-format and convenience-oriented properties across the Southeast, Southwest, West, Midwest and Northeast.

The portfolio, which is currently 93 percent leased, contains about 2,000 tenant suites with an average size of about 2,250 square feet.

The recapitalization builds on the $2.6 billion retail platform CHC launched in 2023 with another global investment partner, which was made possible by the recapitalization of an existing $1.8 billion, 173-property portfolio. CHC said that since the 2023 deal, the platform has added $220 million in additional assets and has also seen a 41 percent revenue increase since 2020.

Sterling Hillman, senior managing director in the Food & Service Retail division of CHC, told Commercial Property Executive that the financing is in line with the firm’s strategy of focusing on necessity-based, small-format retail, which includes a deep roster of potential tenants.

“We believe it is an asset class that continues to show durable fundamentals and strong tenant demand,” Hillman said.

Retail numbers tick up despite economic uncertainty

Retail traffic rose 1.1 percent year-over-year, and sales increased 3.5 percent as of August, according to a report from Colliers. This is despite lingering concerns about tariffs and stubborn inflation. The analysis found that value retailers such as Family Dollar, HomeGoods, FiveBelow, TJ Max and Dollar Tree showed consistent growth, as consumers continue to seek bargains in the face of rising prices.

Other retail sectors, such as apparel, showed higher sales increases but slightly less impressive traffic figures, suggesting consumers indulged in more one-off buys that do not lead to steady acquisition inflows.

CHC activity this year

In addition to managing its national retail portfolio, Crow Holdings has been active with its industrial assets this year.

In September, the firm and its partner, Elevation Land Co., secured $102.4 million in construction financing for the first phase of Otay Business Park, a four-building, 612,240-square-foot industrial development in San Diego. Otay Business Park will occupy 119 acres and comprise nine buildings at full buildout, and construction on the first phase is expected to be completed by the middle of 2026.

The firm has also sold off several industrial assets this year, including part of the FRED310 development, a 753,069-square-foot facility outside Seattle. CHC and its partner Panattoni Development had recently completed the project at the time of its sale.