Partnership Acquires Four Shopping Centers

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.”