CBRE JV Buys Stake in Three Malls
Los Angeles-based CBRE Global Investors, in a joint venture with Brookfield Property Partners, acquired a stake in three super-regional malls previously owned by General Growth Properties (GGP). The CBRE unit made the investment on behalf of its institutional investor clients.
The portfolio comprises a total of 3.7 million square feet of retail space, and is 98% percent leased. The three malls are:
• Cumberland Mall: a 1 million-square-foot property in northwest Atlanta.
• Ridgedale Center: a 1.2 million-square-foot mall in western Minneapolis.
• The Parks Mall at Arlington (pictured): a 1.5 million-square-foot center between Dallas and Fort Worth.
“We believe that Class A super-regional malls remain one of the most attractive investments available today,” said David Morrison, CIO-Americas for CBRE Global Investors. “These assets have a historic track record of material outperformance, dominating their retail catchment within their submarkets.”
GGP operations and leasing teams will continue to operate the portfolio.
For comments, questions or concerns, please contact Dennis Kaiser