CBRE Investment Management (CBRE IM), on behalf of a fund sponsored by the firm’s direct real estate strategies division, has acquired Parque Corredor, a leading regional shopping center located in the eastern metropolitan area of Madrid from Redevco and Ares.
Opened in 1995 and fully refurbished in 2021, Parque Corredor is a dominant retail destination comprising approximately 123,000 square meters (1 million square feet) of gross lettable area and anchored by top-tier tenants including Primark, Zara, IKEA, Alcampo and MediaMarkt. The center benefits from a strong tenant mix across fashion, food and beverage, convenience and entertainment, including a recently renovated Yelmo cinema and an expansive food court.
Strategically situated in the growing corridor between Madrid and Guadalajara, Spain, the asset is well connected and has more than 800,000 residents within a 20-minute drive. With more than 10 million annual visitors, footfall has been steadily recovering po
