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.