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On the coattails of Brookfield Property Partners' massive acquisition of shopping mall giant GGP, a Los Angeles investment firm has acquired interest in three major malls, including one in Atlanta.
CBRE Global Investors purchased an ownership stake — shared with Brookfield — in Cumberland Mall in Cobb County, Ridgedale Center in Minneapolis and the Parks Mall at Arlington in Dallas for an undisclosed sum. Together, the portfolio encompasses more than 3.5M SF of retail space that is 98% leased.
CBRE was part of a group of funds that infused equity into Brookfield's deal to buy GGP, Bloomberg reported.
“We believe that Class A super-regional malls remain one of the most attractive investments available today,” CBRE Global Chief Investment Officer David Morrison said in a release. “These assets have a historic track record of material out-performance, dominating their retail catchment within their submarkets, and we expect that assets of this quality and scale should maintain that advantage going forward.”
Indeed, fortunes for Cumberland Mall changed in 2006 when GGP pumped $70M into an expansion that added restaurants like Cheesecake Factory and Ted's Montana Grill as well as a Costco. Since then, the Atlanta Braves' move to Cobb with the advent of The Battery at SunTrust Park — just a mile north of the mall — has added momentum to the area.
Brookfield completed its acquisition of GGP on Tuesday for more than $9B.
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