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.

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