News release

JLL advises general partners of Crow Holdings Capital Retail Funds and secures senior mortgage loan in a $1.8B retail portfolio recapitalization

Owned by two real estate funds under Crow Holdings Capital, the 173-property, small-format retail portfolio also received significant equity commitment from a global institutional investor

June 01, 2023

Jenna Sharp

Capital Markets PR
+1 214 438 6450

NEW YORK, June 1, 2023 – JLL announced today that it has arranged senior mortgage financing of a retail portfolio, owned by Crow Holdings Capital (“CHC”). The loan is part of the larger $1.8B recapitalization of the portfolio, which includes a joint venture with CHC and a global institutional investor.

Additionally, the 173 properties are held in Crow Holdings Capital’s Retail Fund I and Retail Fund II, and an affiliate of JLL, Jones Lang LaSalle Securities, LLC, acted as a financial advisor to the general partners of both funds, rendering a fairness opinion in connection with the $1.8 billion recapitalization.

The portfolio consists of unanchored, small-format, convenience-oriented, open-air, food and service strip malls located in over 30 states across the U.S. with a focus on dense and affluent markets near major population and employment hubs.

The JLL team was led by Managing Director Sheheryar Hafeez, Senior Managing Directors Andy Scott and Michael Cosby, Executive Managing Director Trey Morsbach, Associates Gabriela Niemiec and Bo Beidleman and Analyst Matthew Lucas.

 “The transaction represents a significant milestone for the storied Crow Holdings Capital platform, as well as the strip center retail sector at large,” said Hafeez. “Crow Holdings Capital and its partners deserve the credit in being the pioneering institutional entrant in the space and for successfully executing on the strategy of amassing a highly attractive, institutional-quality scaled small-format retail portfolio.” 

“The transaction is a testament to the long-term stability of well-located, small-format retail assets, which have performed exceptionally well through the challenges of a pandemic and uncertain capital markets,” added Scott. “It is validated by the number of new lenders entering the space seeking consistent cash flow with operational upside.”    

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About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Crow Holdings Capital

Crow Holdings Capital (CHC) is a real estate investment management company specializing in multifamily, industrial, and specialty property types delivered through strategies that span the risk-return spectrum. For 25 years, CHC has sought out a diversified portfolio in partnership with leading global investors and generating attractive returns across market cycles. Led by a highly experienced leadership team, CHC manages $16 billion in real estate assets and is a subsidiary of Crow Holdings, a privately owned real estate investment and development firm with 75 years of history, $29 billion of assets under management, and an established platform with a vision for continued success. The firm’s ongoing legacy is rooted in its founding principles: partnership, collaboration, and alignment of interests. For more information, please visit