Brookfield Property Partners continues to shed more shopping malls, selling a portfolio of three high-performing regional shopping malls to TH Real Estate, an affiliate of Nuveen, the investment management arm of TIAA.
TH Real Estate made the acquisition through its T-C U.S. Super Regional Mall Fund. Terms of the transaction were not disclosed; however, the sales price was $714 million. With the acquisition, the fund has now successfully deployed the $1.35 billion in equity commitments raised.
The portfolio comprises more than 4.7 million square feet of retail space located in three high-quality A+ rated super-regional mall assets with average sales in excess of $700 per square foot.
Each of the malls are 98 percent leased and feature prominent tenants such as Apple, Macy’s, Nordstrom, Neiman Marcus, H&M, Lululemon and Forever XXI, among others, as well as restaurants and entertainment venues.
The acquisition supports TH Real Estate’s goal t
