Crow Holdings has formed a joint venture with its investment management business Crow Holdings Capital and a global institutional investor to acquire small-format, convenience-oriented, open-air, food and service shopping centers.

The $2.6 billion platform was formed through a recapitalization of an existing, $1.8-billion, 173-property portfolio owned by two real estate funds managed by CHC and includes a significant equity commitment.

"While e-commerce has been disruptive to other retail segments – and advantageous to industrial development – these types of food and service centers have succeeded where other, more goods-based retail has been negatively affected," Michael Levy, CEO of Crow Holdings says in prepared comments. "We see further opportunity to be the leading institutional player in this market, and we are confident this partnership will provide the resources to achieve even greater future success."