CBRE Global Investors, an independently operated affiliate of CBRE Group, Inc., acquired a 45% stake in a $1.5 billion retail portfolio from San Francisco-based Merlone Geier Partners (MGP), according to the Wall Street Journal.
MGP will retain its position as the operating partner of the 7-million square foot portfolio, which is concentrated in Southern California, Seattle, Sacramento, the San Francisco Bay Area and Portland.
“This joint venture gives us a rare opportunity to access for our clients a large diversified portfolio of high-quality retail centers that would be challenging to acquire in scale,” says Ian Gleeson, CIO for CBRE Global Investment Partners. “We are pleased to partner with Merlone Geier because it is a leading operator that has significant experience in the retail sector.”