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CBRE GIP JVs on West Coast Retail Assets

LOS ANGELES—For CBRE Global Investment Partners, the 55-property portfolio represents “a rare opportunity” on assets that would be difficult to acquire in scale, says the firm’s Ian Gleeson.

Safeway store exterior A Safeway supermarket at The UV in Sacramento, one of 55 properties in the JV portfolio.

LOS ANGELES—CBRE Global Investment Partners said Tuesday it had acquired a 45% interest in a $1.5-billion West Coast retail portfolio. Terms of the deal were not disclosed; San Francisco-based Merlone Geier Partners will remain the majority owner and operating partner.

Totaling nearly seven million square feet across 12 West Coast markets, the 55-property portfolio was assembled by MGP across five of its discretionary commingled funds. CBRE GIP made the investment on behalf of its flagship Global Alpha Fund and various separate account clients.

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Paul Bubny

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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