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NEW YORK CITY-Completing its program of getting out of the property management business, RREEF Real Estate has outsourced about 11 million square feet of retail at 58 centers across the US, the company announced Wednesday. Jones Lang LaSalle, United Commercial Realty, Mid-America Asset Management Inc., Crosland and KeyPoint Partners will take over direct property management of RREEF’s retail property portfolio; RREEF will continue as asset manager.

JLL’s assignment encompasses 29 retail centers totaling approximately 5.7 million square feet, primarily on the East and West coasts in addition to Ohio and western Pennsylvania. UCR will manage 1.7 million square feet across eight centers in Texas, while Mid-America has been assigned 12 centers, which are Midwestern properties totaling approximately 1.6 million square feet. Crosland’s assignment is for a quartet of centers in the Carolinas and Tennessee, totaling 1.5 million square feet; KeyPoint will be managing five centers in New England, which total 533,000 square feet.

A RREEF spokesman tells GlobeSt.com that the outsourcing of the retail properties completes a process that began in August 2006, when RREEF outsourced management of most of its residential portfolio to JPI. Last month, RREEF turned over property management of its office and industrial portfolios to CB Richard Ellis and Transwestern, assignments that totaled 70 million square feet for CBRE and 47 million square feet for Transwestern.

“We have made the decision to transition out of the property management business and assign these services to these carefully selected, highly-skilled property management companies,” says Timothy K. Gonzalez, CEO of RREEF Americas, in a release. “We will work closely with each third-party manager in our continuing role as asset manager for each of the properties, concentrating on the execution of asset business plans, investment strategies and risk management for our clients’ portfolios.” The transition of the portfolios is expected to be completed by year’s end.

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