Brixmor to Buy Slate Grocery REIT Assets for $2.34 Billion
The grocery-anchored shopping-center REIT said the asset purchase is immediately accretive and will add 23 centers in markets it already occupies.
Brixmor Property Group Inc. (BRX) agreed to buy grocery-anchored shopping centers from Slate Grocery REIT in a $2.34 billion asset purchase, a deal the open-air shopping center REIT said is immediately accretive and will add 23 grocery-anchored centers in markets it already occupies.
The transaction is expected to close in the first quarter of 2027, subject to approval by Slate unitholders and other customary closing conditions.
Brixmor said the purchase leverages its operating platform through a capital-efficient joint venture with Everview, splitting the acquired assets between wholly owned properties and joint venture holdings. The company said it sees embedded value across both sets of assets through below-market rents and a pipeline of remerchandising, redevelopment, and outparcel work.
Brian T. Finnegan, Brixmor’s chief executive officer and president, said the deal is “directly aligned with our growth strategy, adding 23 grocery-anchored centers in markets we know well, with long-standing grocer relationships we plan to grow, while further leveraging our operating platform in a capital-efficient joint venture with Everview.” He said the company believes its retailer relationships and execution capabilities will position it to unlock that value and generate meaningful cash-flow growth over time.
The grocery-anchored format sits at the core of Brixmor’s existing book. The company describes itself as a REIT that owns and operates a national portfolio of open-air shopping centers, with 360 retail centers comprising about 64 million square feet of prime retail space in established trade areas, and as a retail partner to more than 5,000 retailers, including The Kroger Co. and Publix Super Markets.
Brixmor has already been adding grocery-anchored community centers on a smaller scale. In the three and six months ended June 30, 2026, it acquired four shopping centers for a combined $164.3 million, including Mayfair Shopping Center in Commack, New York, for $70.0 million, Jones Crossing in College Station, Texas, for $46.5 million, Vintage Marketplace in the northwest Houston suburbs for $32.7 million, and Stanford Station in Panama City, Florida, for $15.1 million. The Mayfair purchase marked the first time the company used redeemable preferred units of Brixmor Operating Partnership LP as part of the acquisition price.
The Slate purchase is larger than that recent run of single-center buys and is structured as an asset acquisition rather than a stock merger, with the Everview joint venture as a stated feature of how Brixmor will hold and operate part of the portfolio. Closing remains contingent on Slate unitholder approval and other customary conditions, with the company pointing to the first quarter of 2027 as the expected window.