PHOENIX—BIG Shopping Centers USA and RED Development have entered into a joint venture partnership to maximize market presence and performance of select US retail properties in the Midwest and West. In particular, the partnership seeks to acquire established, first-tier community, lifestyle and power centers with strong tenant line-ups and sales figures that are well positioned in markets throughout the United States.

“BIG USA joined with RED to pursue high-quality retail assets in targeted, high-growth, stabilized US markets for long-term hold,” explains Stanley L. McElroy, Jr., president, BIG Shopping Centers USA. “The complementary and proven expertise of both teams that has built our respective retail real estate portfolios and reputations really makes this synergetic partnership work—and beneficial to both companies.”

The inaugural investment of BIG RED Portfolio, LLC includes four shopping center properties in two states totaling 1.5 million square feet: Regency Court (Omaha) a 171,000-square foot, enclosed specialty center;The Shops at Hilton Village (Phoenix) a 93,000-square foot specialty center with 25 boutiques, restaurants and services catering to affluent Scottsdale residents; Village Pointe (Omaha) a 601,000-square foot, power and lifestyle center recognized as the destination for upscale national brands; and Camelback Colonnade (Phoenix) a 618,000-square foot power center, situated along Camelback Road in the heart of Camelback Corridor.