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CBRE GIP JVs on West Coast Retail Assets

LOS ANGELES—For CBRE Global Investment Partners, the 55-property portfolio represents “a rare opportunity” on assets that would be difficult to acquire in scale, says the firm's Ian Gleeson.

By Paul Bubny | paulbubny | Updated on November 22, 2016

Safeway store exterior A Safeway supermarket at The UV in Sacramento, one of 55 properties in the JV portfolio.

LOS ANGELES—CBRE Global Investment Partners said Tuesday it had acquired a 45% interest in a $1.5-billion West Coast retail portfolio. Terms of the deal were not disclosed; San Francisco-based Merlone Geier Partners will remain the majority owner and operating partner.

Totaling nearly seven million square feet across 12 West Coast markets, the 55-property portfolio was assembled by MGP across five of its discretionary commingled funds. CBRE GIP made the investment on behalf of its flagship Global Alpha Fund and various separate account clients.

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