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Brookfield sells shares in three more mall properties

One day after completing a $15 billion acquisition of one of the largest retail portfolio’s in the country, Brookfield Property Partners has already closed two deals for six of those properties.

After the property management company wrapped up its purchase of GGP Inc. and it’s 125 retail assets on Tuesday, Brookfield sold an interest in three of those newly-acquired properties to TH Real Estate for $714 million on Wednesday.

This deal comes immediately on the heel of a joint venture with CBRE, in which the real estate company’s Global Investors team bought into three regional malls, one in Atlanta, one in Minneapolis and the third in the Dallas-Fort Worth metro, for an undisclosed amount.

A spokeswoman for TH Real Estate, an affiliate of Nuveen, the investment management arm of TIAA, declined to reveal the locations of the three shopping centers it acquired, but a CBRE spokeswoman confirmed that they were separate from sites her company invested in.

Totaling 4.7 million s/f, the malls TH Real Estate invested in have highly profitable tenants such as Apple, Macy’s, Nordstrom, Neiman Marcus, H&M, Lululemon and Forever XXI, as well as various entertainment features.

“We believe that high quality, dominant US super regional malls present a sound long-term investment given the current lack of mall construction and the shift towards consumers seeking entertainment experiences outside the home,” Scott Kempton, a managing director and senior portfolio manager for TH Real Estate, said in a press release.

“These three assets are high quality dominant properties that offer unique shopping environments which incorporate diverse dining options, movie theaters, fitness facilities and other attractions that can ultimately help drive traffic and sales.”

TH Real Estate acquired its interest in the properties through its T-C U.S. Super Regional Mall Fund, which has spent $1.35 billion to date. The investment manager now has 89 retail interests in 40 markets, totaling $11.1 billion.

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