CBRE Global Investors has acquired a stake in a portfolio of Class-A super-regional malls, including one in Minneapolis, that were previously owned by General Growth Properties.
CBRE acquired the malls 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
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.