Brixmor Announces Investment Activity, Including $85.7MM Acquisition of 182,000 SQFT Brea Retail Center

Brixmor Property Group, Brea Gateway, Ralphs, Kroger, Cost Plus World Market, HomeGoods, and Rite Aid

NEW YORK — Brixmor Property Group Inc. (NYSE: BRX) (“Brixmor” or the “Company”) announced today transaction activity for the three months ended December 31, 2021.  These transactions reflect Brixmor’s disciplined strategy of growing its portfolio in existing retail sub-markets and leveraging its value-added platform to deliver attractive returns.

INVESTMENT ACTIVITY

Acquisitions

  • During the three months ended December 31, 2021, the Company acquired four shopping centers for a combined purchase price of $191.9 million. For the twelve months ended December 31, 2021, the Company acquired six shopping centers, in addition to certain outparcels, ancillary land parcels, and leasehold rights, for a combined purchase price of $259.4 million.
  • Subsequent to December 31, 2021, the Company acquired one shopping center for $85.7 million and currently has approximately $72.0 million of acquisitions under hard contract.
  • Acquisitions completed during the three months ended December 31, 2021 include:
  • Pawleys Island Plaza (previously announced), an approximately 120,000 square foot grocery-anchored neighborhood shopping center located in Pawleys Island, South Carolina (Georgetown, SC MSA), for $26.3 million. Pawleys Island Plaza is anchored by a highly productive Publix, Petco, and T.J. Maxx. The well-located center presents growth opportunities through leasing and complements the Company’s Coastal Carolina and Georgia portfolio.
  • Granada Shoppes, an approximately 307,000 square foot grocery-anchored community shopping center located in the high growth market of Naples, Florida (Naples-Marco Island, FL MSA), for $97.0 million. Granada Shoppes is anchored by Trader Joe’s, Hobby Lobby, and Marshalls and has substantial value creation opportunities, including anchor and small shop remerchandising and potential densification. The property complements the Company’s five other assets in the trade area, which aggregate over 1.0 million square feet.
  • Kings Market, an approximately 281,000 square foot grocery-anchored community shopping center located across the street from the Company’s Holcomb Bridge Crossing property and South regional office in Roswell, Georgia (Atlanta-Sandy Springs-Alpharetta, GA MSA), for $39.1 million. Kings Market is anchored by a highly productive Publix and has below market in-place rents and substantial leasing and long-term densification opportunities.
  • Connexion, an approximately 108,000 square foot neighborhood shopping center located immediately adjacent to the Company’s Holcomb Bridge Crossing property and South regional office in Roswell, Georgia (Atlanta-Sandy Springs-Alpharetta, GA MSA) and across the street from the above-mentioned Kings Market, for $29.5 million. Connexion benefits from an assortment of highly productive and upscale restaurant, health and wellness, and service tenants and, when combined with Holcomb Bridge Crossing, creates significant optionality for long-term redevelopment. The acquisitions of Kings Market and Connexion expand the Company’s ownership in the Atlanta market to 24 properties aggregating approximately 3.7 million square feet.
  • Subsequent to December 31, 2021, the Company acquired Brea Gateway, an approximately 182,000 square foot grocery-anchored community shopping center located adjacent to the downtown entertainment district of Brea, California (Los Angeles-Long Beach-Anaheim, CA MSA), for $85.7 million. Brea Gateway is anchored by a market dominant Ralphs (Kroger), Cost Plus World Market, HomeGoods, and Rite Aid and has substantial value creation opportunities though leasing, anchor repositioning, and operational enhancements. The property is located within 15 minutes of multiple Brixmor assets in the Los Angeles market and expands the Company’s footprint in the market to approximately 1.9 million square feet.

Dispositions

  • During the three months ended December 31, 2021, the Company generated approximately $116.2 million of gross proceeds on the disposition of eight shopping centers, as well as two partial properties, comprised of 1.1 million square feet of gross leasable area. For the twelve months ended December 31, 2021, the Company generated approximately $244.3 million of gross proceeds on the disposition of 17 shopping centers, as well as 16 partial properties and a land parcel, comprised of 2.6 million square feet of gross leasable area.
  • The Company has approximately $32.0 million of dispositions under hard contract.