EDENS Closes $850 Million in Equity Commitments to Fund Retail Real Estate Acquisitions and Redevelopment

EDENS, a privately held national owner, operator and developer of retail real estate, announced Sept. 28, 2026, the completion of $850 million in equity commitments from existing institutional investment partners. The capital will fund acquisitions and redevelopment across the company's national portfolio of open-air retail and mixed-use properties.

The commitments represent an expansion of investment from EDENS' current institutional partners rather than the introduction of new limited partners. EDENS did not identify the investors or specify how the $850 million will be allocated among acquisitions, redevelopment and investment in existing assets.

"We are incredibly grateful for the continued confidence our investors have placed in EDENS and our team," said Jodie W. McLean, CEO of EDENS. "These are long-standing partners who know us well and how we perform. Our mandate is clear: disciplined growth where EDENS' unique capabilities can create meaningful value for our investors and the communities we serve."

Deployment Strategy and Portfolio Scale

EDENS currently owns and operates 93 properties across the United States with approximately $7.4 billion in gross asset value. The company's portfolio reaches an estimated 15 million people daily.

The firm said it will deploy the new capital through acquisitions in existing markets and select growth markets, focusing on high-quality retail real estate where its investment, operating, merchandising and redevelopment capabilities can generate long-term value.

"People have more choices than ever about where to spend their time and money, and retailers are increasingly discerning about where to locate their stores," Jodie W. McLean added. "These are conditions that favor great real estate in strong communities and places that continually earn consumers' time. Our job is to create places worthy of those trips."

Recent Acquisitions Illustrate the Strategy

EDENS has been active in 2026 ahead of the equity close. The company acquired The Forum Carlsbad, an approximately 263,000-square-foot open-air retail center in Carlsbad, California. EDENS also acquired a shopping center outside Los Angeles totaling approximately 248,000 square feet for a reported $134.5 million, or roughly $542 per square foot. Additionally, the company acquired Village at Camp Bowie, a grocery-anchored center of approximately 179,376 square feet in Fort Worth, Texas, from Dunhill Partners.

Redevelopment Pipeline: Lulah Hills

Beyond acquisitions, EDENS is advancing a large-scale mixed-use redevelopment on the former North DeKalb Mall site in Decatur, Georgia. The project, called Lulah Hills, spans 78 acres and encompasses approximately 2.5 million square feet of planned development, including roughly 320,000 square feet of retail, restaurant and entertainment space, approximately 1,700 multifamily units, 92 for-sale townhomes and approximately 2 acres of public greenspace. The overall development cost is reported at approximately $850 million. EDENS is developing Lulah Hills alongside Crescent Communities and NTT Urban Development Corporation.

Market Conditions Supporting Retail Investment

The equity raise arrives as fundamentals for well-located open-air retail remain comparatively favorable. U.S. retail investment volume reached $33 billion in the first half of 2026, up 14% year over year and the strongest first half since 2022. New retail construction remains limited, with only 7.8 million square feet of retail delivered in the first quarter of 2026, approximately 25% below the 10-year average.

National retail vacancy stood at 4.4% in the second quarter, while open-air shopping-center vacancy was 5.5% — compared with mall vacancy of 8.5%. Average asking rents reached $26.02 per square foot in the second quarter, up 0.5% from the prior quarter. National retail rent growth was 1.7% year over year in the second quarter.

The overall national retail cap rate was estimated at 7.4%, with completed transactions averaging 6.8%, against a 4.3% 10-year Treasury yield. Supply-constrained coastal markets and well-located open-air and grocery-anchored centers are positioned for stronger rent performance relative to weaker or oversupplied locations.

EDENS was established in 1966 and is privately held.

Sources

EDENS Press Release: EDENS Completes $850 Million in Equity Commitments