February 2026 Newsletter

Retail real estate continues to hold its ground as broader commercial real estate activity slows heading into 2026.

While overall CRE deal volume declined amid higher rates and tighter lending standards, retail fundamentals remained steady. Limited new supply, improving occupancy, and demand tied to daily needs have helped position retail as one of the more resilient sectors during this market reset.

What’s Inside the February Newsletter

Our February newsletter looks at how retail is performing as the market recalibrates and what investors should be paying attention to next. Inside, we cover:

• Why retail remains a relative bright spot as deal volume cools

• What recent leasing and sales data signal for 2026

• How investors are repricing risk rather than reacting to rates

• The continued strength of grocery-anchored and necessity-based centers

• Updates across Criterion’s portfolio and development pipeline

As capital becomes more selective, retail’s predictable demand profile continues to stand out. The February newsletter provides a concise, data-driven view of what is working and why.

Interested in Future Opportunities?

If you’re new to Criterion or would like to stay informed on future investment opportunities, we invite you to join our investor list.

January 2026 Newsletter

2025 marked the busiest and most successful year in Criterion’s history, and the numbers tell the story.

Over the course of the year, Criterion:

• Acquired 10 shopping centers across six states

• Added 577,905 square feet of retail to the portfolio

• Closed on three development projects, including one that was started and completed within the year

• Surpassed $70 million in total value completed

That level of growth was made possible by disciplined execution, a focus on necessity-based retail, and the trust of our investor base, including more than 75 new investors who participated in their first Criterion deal in 2025.

What’s Inside the January Newsletter

Our January newsletter expands on these milestones and provides insight into the broader retail real estate landscape as we head into 2026. Inside, we cover:

• How retail spending finished the year and what it signals for the year ahead

• Why well-located, service-oriented retail continues to show resilience

• Investor appetite for retail heading into 2026

• Full portfolio updates and active development highlights

If you want a clearer picture of how Criterion navigated a challenging market while continuing to grow, the January newsletter offers a concise, data-driven look at what worked and why.

Interested in Future Opportunities?

If you’re new to Criterion or would like to stay informed on future investment opportunities, we invite you to join our investor list.

December 2025 Newsletter

Institutional capital is moving back into retail real estate, lenders are stepping up activity, and demand for top-tier sites continues to tighten signaling a meaningful shift in momentum as we head into 2026.

Recent reporting shows capital returning to essential-service and grocery-anchored centers, while cap rates have compressed toward interest-rate parity, creating one of the most unusual spreads the sector has seen in years. Holiday retail sales also surpassed one trillion dollars for the first time, underscoring strong consumer performance across categories.

Key themes this month:

Market activity: Institutional investors are reentering retail, cap rates are holding firm despite rate pressure, and lenders are reengaging across stable asset classes.

Consumer strength: Holiday sales crossed the one-trillion-dollar mark, reflecting healthy demand and broad retailer performance.

Sector dynamics: QSR operators are competing aggressively for high-quality sites, pushing rents upward and keeping vacancy near historic lows.

Capital markets: Borrowing costs began to ease as lenders increase activity, improving feasibility and liquidity across transactions.

Dive into the full December Newsletter #028 for deeper market insights, retail trends, and project updates across developments, exits, and cash-flowing centers by clicking below.

November 2025 Newsletter

This quarter, Criterion distributed over $700,000 in cash flow to investors, reflecting the continued strength and stability of our portfolio.

The net lease sector held firm in Q3 as cap rates stabilized and transaction spreads narrowed, signaling a more balanced market between buyers and sellers. Research from The Boulder Group found national cap rates largely unchanged, with retail steady at 6.57%.

Highlights from Q3:

• Portfolio performance: Steady income across cash-flowing centers with multiple leasing and sale activities in motion.

• Market position: Investor sentiment remains strong amid lower borrowing costs and improving transaction velocity.

• Active pipeline: New development progress in Jacksonville, Burleson, Granbury, Hudson Oaks, and more, alongside upcoming value-add opportunities in Las Vegas, Tampa, Longmont, and West Palm.

• Recent distributions: Over $700K returned to investors in Q3.

October 2025 Newsletter

Retail real estate is proving once again why it’s one of the most resilient and reliable investment classes. In this month’s newsletter, we explore how retail transaction volume surged 16% year-over-year, why private buyers are driving acquisitions, and what this means for disciplined investors looking for durable returns.

Inside, you’ll find insights on:

• How recent Fed interest rate cuts are shaping the capital markets

• Starbucks’ restructuring and what hundreds of closures mean for landlords

• Which retailers are leading expansion in 2025 and fueling demand for strip centers, QSRs, and necessity-based shopping corridors

• Criterion’s own pipeline of retail projects across Texas, Oklahoma, Nevada, Florida, and beyond

Retail isn’t just surviving , it’s gaining momentum. For investors searching for stability, consistent cash flow, and opportunities in high-growth markets, retail is quickly becoming the next chapter in commercial real estate and that is why it continues to be our focus in CRE.

Want to discuss our strategy or current offerings? Schedule a call with our team.

September 2025 Newsletter

The U.S. retail sector continues to surprise in 2025. Despite closures and bankruptcies making headlines, openings are outpacing exits, rents are stabilizing, and capital is flowing back into high-performance assets. Investors are watching closely as consumer demand, tenant mix, and capital market activity point toward renewed retail real estate opportunities.

Additional highlights from this month’s newsletter include:

• Retail Market Resilience – Net absorption remains negative, but the pace of re-leasing and steady rent growth signal recalibration, not retreat.

• QSR Growth – Household names like McDonald’s, Starbucks, and Chick-fil-A continue to anchor shopping centers, proving the strength of quick-service restaurants in any market cycle.

• Cap Rate Trends – New CBRE survey data points to a plateau after years of increases, suggesting a potential shift in investor sentiment.

• Off-Price Momentum – Burlington, Ross, and Citi Trends are leading the way in foot traffic and shopper loyalty.

• Criterion Pipeline & Projects – From new developments in Texas to value-add centers in Nevada and Florida, we’re positioning for long-term growth and stability.

Retail is adapting faster than many expected. Leaner footprints, consumer-driven formats, and strong tenant categories are creating opportunities for investors seeking resilience and steady cash flow in today’s environment.

Want to discuss our strategy or current offerings? Schedule a call with our team.

August 2025 Newsletter

With the potential for new legislation expanding 401(k) access to private equity, the case for alternative investments is stronger than ever. In the August 2025 Criterion Newsletter, we explore why retirement portfolios are shifting away from the traditional 60/40 model and how investors are embracing private real estate strategies to improve yield, stability, and diversification.

As inflation, public market volatility, and limited IPO activity continue to challenge conventional retirement planning, more investors are looking to alternative assets—like cash-flowing retail real estate—to meet their long-term financial goals. This month’s newsletter dives into how policy updates, including a possible executive order, could reshape the landscape by making it easier to allocate retirement funds into alternative investments such as private equity and real estate.

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Additional highlights from this month’s newsletter include:

• Retail resilience: Despite a dip in foot traffic, sales remain strong, underscoring the value of necessity-based tenants.

• The rise of grocery-anchored centers: Data reveals where the real value lies in today’s most sought-after retail assets.

• Project pipeline updates: From Texas to Michigan, we share new developments, pending sales, and active leasing wins across our portfolio.
  
  Whether you’re an accredited investor looking for retirement alternatives or simply exploring how private real estate fits into a modern investment strategy, this edition offers data-driven insights you won’t want to miss.

July 2025 Newsletter

Why Retail Is Evolving And What It Means for Investors in 2025

Retail real estate continues to outperform, but this month’s trends reveal how the sector is also evolving in ways that open new doors for investors. Retail is adapting and growing, in real time.

In our July newsletter, we break down the key signals we’re watching. Topics include:

• How wellness, pet care, and global grocers are filling retail vacancies

• CRE Daily’s latest Fear & Greed Index and what it reveals about investor positioning

• The real cost of retail buildouts in 2025—and how it’s impacting timelines

• Why grocery-anchored centers are drawing attention—and what separates hype from fundamentals

• Updates on our acquisition pipeline and active development projects across multiple markets

We also spotlight recent brand activity from 7 Brew, Walmart, Chicken Salad Chick, and more, plus share retail-specific metrics we’re using to evaluate tenant strength and risk.

Whether you’re actively deploying capital or watching for the right time to enter, this issue offers insights into how retail continues to lead in both performance and potential.

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June 2025 Newsletter

Why Retail Real Estate Is Outperforming—and Where Smart Investors Are Looking Next

Despite ongoing uncertainty in other sectors, retail real estate is showing unexpected strength in 2025. From multi-tenant centers gaining momentum to rent growth shifting into suburban markets, the data is pointing to a clear trend: retail is winning—and it’s creating real opportunities for investors.

In our June newsletter, we explore what’s driving this resilience. Topics include:

• The long-term stability of retail assets despite short-term fluctuations

• A Q1 surge in retail net-lease sales activity

• How suburban rent growth is influencing our site selection and development strategy

• The evolution of brick-and-mortar retail into experience- and fulfillment-driven spaces

We also introduce our latest investment: a three-property retail portfolio in Texas with projected cash-on-cash returns over 13% and value-add upside. This mirrors our successful Amarillo project—same seller, same strategy, same high-performance expectations.

If you’re keeping a close eye on retail investing trends, you won’t want to miss this.

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May 2025 Newsletter

Retail Leasing Trends & Exit Strategy Insights for Commercial Investors
Criterion’s May 2025 Market Update

If you invest in retail real estate or are tracking value-add shopping center opportunities, our May 2025 newsletter covers the commercial retail trends that matter most right now.

In this month’s update, we focus on how retail tenant mix, leasing velocity, and consumer behavior are shaping property values and influencing commercial real estate exit strategies.

Key insights include:

• Tenant Mix Strategy: Why mom-and-pop tenants are often more valuable than they look—and how we balance them with national brands in our centers.

• QSR Growth & Leasing Impact: Quick-service restaurant tenants like Raising Cane’s and Dave’s Hot Chicken are outperforming in foot traffic. We explain why this matters for NOI and disposition timing.

• Health Retail & FSA Spending: Retailers are capturing billions in unused pre-tax healthcare funds. We highlight how that’s shaping tenant demand in health-forward retail centers.

• Tariff Risks & Retail Availability: Learn why low retail vacancy (currently at 4.8%) could help protect well-located assets from economic headwinds.

We also provide real-world updates on Criterion developments in Fort Worth, Jacksonville, Princeton, and Owasso—showing how our leasing and development strategies are driving cash flow and value.

Read the full newsletter to explore how we’re navigating today’s commercial real estate market and executing value-add retail investment strategies across key U.S. markets.

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April 2025 Newsletter

April Updates: Steady Markets, Strong Distributions & a Cold Climb to Everest

We’re back with the 20th edition of our monthly newsletter, covering the latest headlines from our portfolio and beyond. In this issue, we break down the return of tariffs, the retail sector’s steady performance, and what recent cap rate trends say about the market.

You’ll also find Q1 highlights—including over $5M in investor distributions, multiple closings, and the launch of new deals in Texas, Oklahoma, and Ohio. And for something a little different? Brian and Joel share stories from their hike to Everest Base Camp.

Check out the full newsletter for market insights, project updates, and a behind-the-scenes look at one of the busiest—and coldest—quarters we’ve had yet.

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March 2025 Newsletter

March Updates: Record Leasing Momentum, New Projects & Investment Opportunities

We’re excited to share the 19th edition of our monthly newsletter, packed with the latest updates on all of our projects. In this issue, we cover record-setting leasing momentum, increased market liquidity, and store expansions that are shaping the commercial real estate landscape.

We’ve also exited all five of our Gas Station investment opportunities with a 37% investor IRR and recently closed on a new shopping center in Shawnee, OK. Want to know what’s next on our radar? Read this month’s newsletter to find out!

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February 2025 Newsletter

February 2025 Market Insights & Investment Trends
This month, we’re breaking down the latest shifts in commercial real estate, from the impact of proposed tariffs and rising construction costs to the ongoing refinancing challenges in today’s high-rate environment. We also cover major retail updates, including store closures and aggressive expansion plans from key brands, as well as Criterion’s latest projects and acquisitions. With liquidity rebounding in the market but lending remaining tight, we’re staying focused on strong, cash-flowing assets that align with long-term investor success. Dive in to see how these trends shape our strategy for the months ahead.

January 2025 Newsletter

January 2025 Market Insights & Project Highlights

Welcome to Criterion’s first newsletter of 2025! We’ve packed it with highlights from an unforgettable 2024: record-setting projects, bold acquisitions, and a pipeline that promises big things ahead. From high-performing investment exits to exciting new developments, this newsletter is your backstage pass to the progress we’ve made together. Check it out and see how Criterion continues to shape the future of commercial real estate.

December 2024 Newsletter

December 2024 Market Insights & Project Highlights

As we wrap up 2024, Criterion’s December newsletter highlights the year’s final strides and sets the stage for what’s ahead. From closing impactful deals to navigating market trends, this edition showcases how Criterion continues to adapt and thrive in the ever-changing real estate landscape. Take a look at the successes, updates, and insights that defined our December and see what’s driving momentum into 2025.

November 2024 Newsletter

November 2024 Market Insights & Investment Trends
This month, we’re covering key insights into the evolving retail landscape, the impact of rate cuts on cap rates, and the continued high demand for Class A retail spaces. With highlights on our latest projects, market updates, and trends in consumer spending, we’re excited to share how these developments are shaping Criterion’s strategic decisions and growth. Dive in to explore the dynamics driving commercial real estate and how Criterion is positioned for success.

October 2024 Newsletter

October Market Recap: Rate Cuts and Retail Shifts

This month’s Criterion Fund newsletter covers Big Lots’ Chapter 11 filing, Ace Hardware’s $1 billion expansion, and Tempur Sealy’s strategic divestment to mitigate antitrust concerns. With the recent Fed rate cut, commercial real estate markets are seeing renewed optimism and increased buyer activity. Key project highlights include new tenant updates at Smith Farms, a successful exit at Calloway’s, and strong interest in several developments. Stay tuned to learn how Criterion is leveraging these changes to maximize returns and navigate a competitive landscape.

September 2024 Newsletter

September Market Recap: Retail Trends and Rate Cuts

This month’s Criterion Fund newsletter explores Red Lobster’s latest loan, Shake Shack’s closures, and Five Below’s slowdown in new store openings. With potential rate cuts on the horizon, Criterion reviews how this could impact financing and future acquisitions. Project updates include developments in Texas, South Carolina, and Michigan. Discover how Criterion is positioning itself to capitalize on market opportunities as the economic landscape shifts.

August 2024 Newsletter

Retail Shifts and CRE Investment Trends
This month’s Criterion Fund newsletter covers major updates, including Red Lobster’s potential bankruptcy, Conn’s liquidation sales, and Darden Restaurants’ $605M acquisition of Chuy’s. We also highlight key project developments like Smith Farms, Marine Creek Starbucks, and new acquisitions in Texas. Learn how Criterion is navigating a shifting commercial real estate landscape by capitalizing on favorable cap rates and increasing deal flow as market conditions improve.

July 2024 Newsletter

July ‘24 Market Recap: Retail Insights & Strategic Expansions
This month’s Criterion Fund newsletter dives into Walgreens’ store closures, rising traffic at coffee chains, and the impact of economic conditions on consumer spending. We also share updates on projects like Smith Farms and Village at Northshore and new developments in Texas and Nevada. Learn how Criterion is leveraging low retail vacancies and strategic partnerships to drive strong returns and navigate a shifting economic landscape.