Blackstone Extends Bet on Grocery Stores in Texas Property Deal

Blackstone Inc. is acquiring a collection of Texas retail properties, increasing its wager on real estate anchored by grocery stores.

The alternative asset manager is paying $440 million for a portfolio that includes properties in Dallas, Houston and San Antonio, and spans roughly 2 million square feet, according to a person familiar with the matter. Most of the properties include grocery tenants like H-E-B and Kroger, said the person, who requested anonymity to discuss the transaction.

“Grocery-anchored retail is one of our high-conviction themes given the strong fundamentals across the sector,” said Adam Leslie, managing director at Blackstone Real Estate, ...