CBRE Global Investors Acquires Portfolio of High-Quality Super-Regional Malls through Joint Venture with Brookfield
28 Aug 2018
CBRE Global Investors has acquired a stake in a portfolio of Class A super-regional malls, which were previously owned by General Growth Properties, through a joint venture agreement with Brookfield Property Partners. CBRE Global Investors made the investment on behalf of its institutional investor clients.
The portfolio is comprised of three Class A super-regional malls with 3.7 million square feet of retail space and is 98 percent leased to a strong mix of national/regional retailers, including a number of high-quality experiential retailers. The assets, which are geographically diverse across three attractive markets, include:
- Cumberland Mall: a 1 million square foot super-regional mall in northwest Atlanta
- Ridgedale Center: a 1.2 million square foot super-regional mall in western Minneapolis
- The Parks Mall at Arlington: a 1.5 million square foot super-regional mall 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, CBRE Global Investors. “These assets have a historic track record of material outperformance, dominating their retail catchment within their submarkets, and we expect that assets of this quality and scale should maintain that advantage going forward. The opportunity to invest in this sector in scale with this level of quality was very attractive, and we look forward to partnering with Brookfield on this portfolio.”
The GGP operations and leasing teams will continue to operate the portfolio as property manager and leasing agent.
This investment builds on CBRE Global Investors’ extensive retail sector experience. The firm currently manages approximately $23 billion in retail assets globally.
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $101.7 billion in assets under management* as of June 30, 2018.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 80,000 employees in approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.