November 28, 2016
Los Angeles-based CBRE Global Investment Partners (GIP) acquired a 45% interest in a $1.5 billion portfolio of 55 retail assets, totaling nearly seven million square feet across 12 U.S. West Coast markets. The investment was made on behalf of GIP’s Global Alpha Fund, as well as separate account clients. San Francisco-based Merlone Geier Partners (MGP) will remain the majority owner and operating partner.
The properties are concentrated in Southern California, Seattle and Sacramento, as well as the Bay Area and Portland, OR. Assets are primarily located in neighborhoods that offer strong demographics to support a strengthening retail sector.
The portfolio includes neighborhood, community and power centers with a strong tenant base. It provides an attractive core-plus risk profile, with a mix of in-place long-term income and short-term value creation opportunities.
Eastdil Secured advised MGP.
For comments, questions or concerns, please contact Dennis Kaiser