BALTIMORE AND AUSTIN, TEXAS — MCB Real Estate, a privately held commercial real estate investment management and development firm based in Baltimore with more than $4 billion in assets under management (AUM), has completed the acquisition of Austin-based Epic Real Estate Partners. The transaction includes the operation of 15 grocery-anchored shopping centers totaling just over 2 million square feet of retail space across 10 states, with a total portfolio value exceeding $575 million, as well as the operating company encompassing 13 professionals.
The assets were cumulatively 92 percent leased and occupied at the time of the merger, and the ownership structure of all property-level limited partnerships stayed intact as part of the transaction. The new AUM, which average 150,000 square feet in size, include:
- Alafaya Square in Orlando, Fla.
- Auburn Village in Sacramento, Calif.
- Cobbler Crossing in Chicago
- Durham Festival in Durham, N.C.
- Eagan Town Center in Minneapolis
- Easton Commons in Houston
- Heritage Commons in Minneapolis
- Kauai Village in Kauai, Hawaii
- Marketplace Shopping Center in Temple, Texas
- Northlake Shopping Center in New Orleans
- Preston Trail Village in Dallas
- Riverview Shopping Center in Durham
- Shops of Forest Hill in Memphis
- Sprouts Crossing in Hurst, Texas
- Ventana Village in Tucson, Ariz.
“The Epic Real Estate Partners portfolio, consisting of institutional-quality and high-performing grocery-anchored retail shopping centers, aligns perfectly with our existing national portfolio, while also providing a strong foothold and strategic presence into new submarkets with extremely favorable long-term growth opportunities,” says P. David Bramble, co-founder and managing partner of MCB. “We have known and respected the Epic team for years, and it was extremely important to retain the professional talent at Epic as part of this transaction, based on their familiarity with the portfolio and their important role in our long-term development and acquisition strategy targeting core-plus and value-add grocery anchored shopping centers.”
Epic team members will continue to operate from the Austin and Dallas offices acquired while working within the operating platform of MCB Real Estate.