What’s the largest retail properties investor from California?

The established thousandinvestors research team has identified that Realty Income Corporation is the largest retail real estate investor from California, with more than $57.8B in assets under management.

What is the investment focus of Realty Income Corporation?

Realty Income Corporation is a prominent constituent of the S&P 500 real estate investment trust sector, with a particular focus on net lease commercial real estate. The company has approximately $57.8 billion in assets under management and a portfolio of over 15,600 properties spanning all 50 U.S. states, the U.K., and six other European countries. It partners with globally recognized tenants in the retail and industrial sectors, prioritizing essential, value-based, and service-driven business models.

The company employs a judicious, sustainable growth strategy that serves as a cornerstone of its long-standing commitment to enhancing monthly dividends. Realty Income utilizes its substantial scale, advanced data infrastructure, and predictive analytics to make disciplined investment decisions and manage its portfolio. The company’s strategic initiatives, including its international expansion and diversification into new industry verticals, such as specialty food and service retail, further solidify its competitive positioning.

Alternative candidates for the AUM-based ranking of retail real estate investors in California

The largest alternative candidate for our ranking is Merlone Geier Partners, a vertically integrated real estate investment firm that employs a focused regional strategy, with a specialization in community and neighborhood retail centers along the U.S. West Coast. The firm and its predecessor, M&H Realty Partners, have acquired a total of 176 properties, encompassing over 27.6 million square feet, over the course of more than 32 years. Merlone Geier has amassed a total of over $4.5 billion in discretionary institutional capital, with the most recent closure of its thirteenth fund occurring in April 2022.

Another major retail real estate investor is Charles Dunn Company, a Los Angeles-based real estate management firm with a century of experience specializing in commercial and retail property management across Southern California. The firm was established in 1921 and currently oversees more than 19 million square feet of real estate. It also manages over $4 billion in assets and serves more than 2,000 tenants across a broad spectrum of property types.

Both investors are part of the thousandinvestors list of the largest retail real estate investors from the US.

Image source:  Mark Neal via Unsplash (June 24, 2025)