CBRE Global Investors acquires super-regional mall portfolio

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 sales price was not disclosed; however, it is estimated to have a billion-dollar price tag.

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.”