Investcorp on Wednesday announced the purchase of a portfolio of retail shopping centers located in Texas from Equity One Inc.

The transaction’s final terms covered the purchase of 29 retail properties totaling approximately 2.8 million square feet for a combined purchase price of $388 million. Under the terms of the transaction, the properties were acquired from Equity One by a joint venture in which Investcorp holds an 80 percent stake, with Equity One holding the remaining 20 percent interest.

Located in the fast-growing metropolitan markets of Dallas, Houston, and San Antonio, the properties included in this transaction are primarily situated in established in-fill locations. Approximately 50 percent of the space in the portfolio is leased by national retailers, including H-E-B, Bally’s Total Fitness, Kroger, Ross Stores, T.J. Maxx, PETCO Animal Supplies, Sports Authority, 24 Hour Fitness, and Kohl’s, among others. Equity One will continue to serve as manager and leasing agent for the properties.

Investcorp’s New York-based team of real estate professionals invests in all major real estate asset classes with risk/return profiles ranging from core plus to opportunistic, for mid- to long-term holding periods.

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