All of a sudden, Blackstone LP is set to be one of the larger strip-center owners in the country, after it proposed $9.4 billion acquisition of Centro Properties' 588 retail assets. By our count, that only puts it behind Kimco Realty and the combined REITs in the Inland Group of Companies as one of the largest strip-center owners in the country.
It seems like the private-equity giant will have some work to do on the portfolio. Total occupancy at the end of the year at Centro's US centers was 87.7%, down from 88.1% at the end of 2009. That is slightly below the national average of 88.2%, according to Marcus & Millichap's National Retail Report. Meanwhile, its largest competitors have higher than 90% occupancy.
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