The venerable shopping mall may not loomlarge on developers' horizons at the moment, but it certainlystands out on investors' radar screens. Sales volume on significantretail properties nationwide was up 87% year-over-year to $12.5billion during the first quarter of 2012, according to Real CapitalAnalytics, with malls accounting for nearly three-quarters of thattotal.

A pair of large mall-portfolio deals accounted for about halfthe $6.6 billion in sales during Q1, according to RCA. In March,Simon Property Group, headquartered in Indianapolis, bought outjoint venture partner Farallon Capital Management's stake in 26assets of the Mills LP in a $1.5-billion transaction. Simon willcontinue managing the malls, which total more than 20 millionsquare feet.

In the other JV portfolio deal, the Canada Pension PlanInvestment Board joined the Westfield Group for 12 of its USproperties, nine of which are in California. The CPPIB paid $1.8billion in equity, while assuming property-level debt, for a 45%stake in malls including the 1.6-million-square-foot WestfieldTopanga in Canoga Park, CA and the 1.5-million-square-footWestfield Mission Valley in San Diego.