The Short Version

• Brixmor will acquire 22 grocery-anchored shopping centers and 50% of a 23rd from Slate Grocery REIT for $636 million, while a new Brixmor-Everview Partners joint venture will acquire 92 additional centers for $1.7 billion.
• Brixmor will hold a 20% common equity interest in the JV and make an approximately $174 million preferred-equity investment while serving as asset manager, property manager and leasing representative.
• The 23-asset Brixmor portfolio totals approximately 3 million square feet, is approximately 96% leased and is concentrated primarily in Florida, Georgia and the Carolinas.
• Brixmor has identified approximately $100 million of redevelopment and outparcel development opportunities within its 23-asset portfolio, including several potential Publix redevelopment projects.

Brixmor and Everview Will Divvy Slate Grocery REIT Portfolio in $2.3B Deal

Brixmor will buy 22 grocery-anchored shopping centers and a 50% interest in a 23rd from Slate Grocery REIT for $636 million. Meanwhile, a new joint venture between Brixmor and Everview Partners will acquire the rest of Slate Grocery’s assets, 92 additional grocery-anchored centers totaling 12 million square feet, for $1.7 billion. Slate Grocery REIT is an owner and operator of U.S.-based grocery anchored centers and is externally managed by the Toronto-based Slate Asset Management.

According to Slate Grocery, the $13-per-unit cash consideration represents a roughly 13% premium to the closing price on May 21, the last trading day before Slate Grocery announced its strategic review, and a roughly 20% premium to the closing price on Sept. 23, the last trading day before Slate suspended distributions to unitholders. The boards of both Brixmor and Slate Grocery have approved the deal, and they expect it to close in the first quarter of 2027.

Brixmor will own 20% of the common equity interest, and Everview — with investment from an Abu Dhabi Investment Authority subsidiary — will own 80%. Brixmor also will make a $174 million preferred-equity investment in the JV and will earn fee income as asset manager, property manager and leasing representative for the portfolio. The JV could acquire more together in the future, according to Brixmor.

Brixmor’s 23-asset portfolio, which is 96% leased, add up to 3 million square feet in markets where Brixmor already has a presence and longstanding relationships with grocers — primarily Florida, Georgia and the Carolinas. Existing tenants in the portfolio include Publix, Harris Teeter and Kroger.

Brixmor president and CEO Brian Finnegan described the deal as “immediately accretive” and the JV as “capital efficient,” adding that the portfolio allows plenty of room to add value and unlock cash flow. He said: “Across both the wholly owned and joint-venture assets, we see meaningful embedded value through below-market rents and a robust pipeline of remerchandising, redevelopment, and outparcel opportunities.” Brixmor said rents across the 115 wholly owned and JV properties average 32% below those in Brixmor’s current portfolio and that it has identified $100 million of redevelopment and outparcel development opportunities within the 23-asset Brixmor portfolio. That includes “several” Publix redevelopment projects.

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Billy Rahm, a presiding independent director on Brixmor’s board since 2013, launched Everview in February 2025, previously having served as senior managing director at Centerbridge Partners. The company — active in essential retail, residential, self-storage, industrial and digital infrastructure — places equity and credit in assets and companies it says have “strong operating teams,” as well as “competitive advantages and meaningful opportunities for growth.”

Grocery-anchored retail certainly is the industry darling these days, and Rahm described the JV portfolio as having “meaningful embedded upside” and said: “This transaction reflects our conviction in grocery-anchored, open-air retail, which we expect will continue to benefit from limited new supply and durable tenant demand.”