What does it take to build a $5.2 billion recession-resilient, necessity retail property portfolio? Reporter Nellie Day of Retail Insight explored this topic and more with Jason Slear, Executive Vice President, Real Estate Acquisitions and Dispositions at The Necessity Retail REIT. Over the past six months the REIT has closed on the acquisition of 78 open-air shopping centers and two single-tenant service retail properties in a multi-property $1.3 billion portfolio acquisition. It now owns more than 1,050 properties in 48 states.
The portfolio acquisition makes sense in concert with The Necessity Retail REIT’s continuing focus on investing where consumers shop everyday. The properties are concentrated in high-growth markets, including the Sunbelt states, with a focus on densely populated suburban markets with strong demographics and growing consumer demand — these are centers “Where America Shops.”
Slear comments on the importance of tenant relationships and how bringing property and construction management in house and doubling the size of its asset management team have set the stage for even stronger tenant engagement going forward.
This investment strategy is likely to prove advantageous in the near future, as the company continues to evaluate grocery, auto repair and other essential retail acquisitions.
to learn how the team at The Necessity Retail REIT continues to expand their vision while keeping the lines of communication open via their asset management team.
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