NEW YORK CITY-With bargain-focused retail and mid-level brands making a comeback just before the holiday shopping rush, financial services firm TIAA-CREF and developer CBL & Associates Properties Inc. proved that the mall is still in-style after closing on a $1.09 billion joint venture in four shopping malls in the Southeast. The malls include: West County Center in St. Louis; CoolSprings Galleria in Nashville; the Oak Park Mall in Kansas City, KS; and the Pearland Town Center Pearland, TX.

According to Real Capital Analytics, the 1.5-million-square-foot Oak Park Mall, anchored by Nordstrom, Dillards and AMC Theaters was purchased for $289 million; the 1.1-million-square-foot West County Center anchored by Nordstrom, Macy’s and JCPenney was bought for $395 million; the 1.1-million-square-foot CoolSprings Galleria anchored by Macy’s, Belk, Sears and Dillards was purchased for $200 million; and the 1.1-million-square-foot Pearland Town Center anchored by Macy’s, Dillards, Sports Authority and Barnes & Noble is worth $204 million.

Philip McAndrews, managing director and head of global real estate transactions and joint ventures for TIAA-CREF, says this investment alongside CBL allows the company to expand their footprint in the suburban retail sector, viewing dominant shopping malls are “an important part” of a well-diversified real estate portfolio. “This investment in super regional malls with CBL is part of our strategy to invest in assets that provide durable income streams with enduring long-term values,” he says, in a statement.