Edens has secured new equity commitments for upcoming developments and acquisitions across its national portfolio.

The Washington, D.C.-based retail developer raised $850M in commitments from unnamed but longstanding institutional investment partners, the company said in a Monday press release. It plans to spend the capital on new purchases and investing in its existing portfolio of 93 open-air and mixed-use centers that reach 15 million consumers daily, according to the release. 

The company, whose gross asset value tops $7B, did not specify how it would allocate the funds between development and buying new assets. But it said it is focused on existing and select growth markets.

“These are long-standing partners who know us well and how we perform,” Edens CEO Jodie McLean said in the release. “Our mandate is clear: disciplined growth where Edens’ unique capabilities can create meaningful value for our investors and the communities we serve.”

The U.S. retail industry is in growth mode despite a rash of bankruptcies and closures last year that put roughly 127M SF of space back onto the market, according to MMCG Invest. Despite brands like Party City, Rite Aid and Forever 21 closing up shop in 2025, there were enough retailers to backfill almost all of that emptied space, moving into roughly 126M SF, according to MMCG.

“That was not luck. The tenants doing the backfilling had spent 2021 to 2023 unable to find boxes in the 15,000 to 40,000 square foot range because there were none available,” MMCG said in the report. “The bankruptcies gave them the boxes.”

Still, high costs are preventing developers from breaking ground on new builds. About 45M SF was built last year, nearly half the amount built at historical averages. So far this year, 57.5M SF is under construction, according to MMCG, with 78% of that pipeline already claimed by retailers.

"Under ordinary conditions a 4.3 percent vacancy rate would have triggered a development cycle several times that size," according to the report.

Edens has acquired a handful of properties so far this year, including a 263K SF open-air retail center in Carlsbad, California, a 248K SF shopping center outside of Los Angeles for $134.5M and a 180K SF retail center anchored by Sprouts Farmers Market in Fort Worth, Texas.

Edens is also redeveloping a suburban Atlanta mall into a mixed-use destination with apartments and a Publix Super Markets grocery store.

“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,” McLean said in the release. “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.”