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CBRE JV acquires shopping mall in North Carolina

The global real estate investor is investing in Charlotte’s retail property sector, with an eye on the area’s growing demographics.

A joint venture between Los Angeles-based CB Richard Ellis Investors and Childress Klein Properties has purchased the 13-building Rivergate Shopping Center in Charlotte, North Carolina. Financial terms of the transaction were not disclosed.

Located within the Steele Creek area of southwest Charlotte, the 543,282-square-foot shopping center is 94 percent leased, with tenants such as Best Buy, OfficeMax and Marshalls. The property is also shadow anchored by Target and Home Depot.

The demographics in Charlotte have been favorable for investors. Charlotte is one of the few markets in the US that has shown continued population and employment growth as well as increasing home prices, according to Jeffrey Torto, senior director of CBRE Investors, in a statement released by the firm.

Outside of its investments in the US, CBRE Investors has been actively expanding its capacity in global markets such as Asia. Last year, the firm added three property pros to its lineup in Greater China and also hired a new Japan chief to lead its operations in the country. It also promoted veteran Lee Menifee to director of global strategy, a new post at the firm.