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CBRE Global Investment Partners just grabbed a 45% stake in a portfolio of West Coast retail properties for $450M.
The firm hopes to ride the wave of consumer spending pushed by tech-sector growth, purchasing the stake from the portfolio’s majority owner and operator, Merlone Geier Partners, the Wall Street Journal reports. The $1.5B portfolio includes 55 shopping centers, most of which are anchored by grocers, and totals nearly 7 million SF.
The deal comes at a time when the retail property market isn't doing well. During the first 10 months of the year retail-property transaction volume was down 16% compared to the previous year, according to Real Capital Analytics, but CBRE execs believe the West Coast is low on supply and strong consumer spending will push up rents. [WSJ]
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