{"id":1004074893,"date":"2013-05-24T09:18:38","date_gmt":"2013-05-24T17:18:38","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=129415"},"modified":"2022-12-08T21:21:54","modified_gmt":"2022-12-09T05:21:54","slug":"tiaa-cref-takes-50-stake-in-grand-canal-shoppes-ggp-reaps-410m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-takes-50-stake-in-grand-canal-shoppes-ggp-reaps-410m\/","title":{"rendered":"TIAA-CREF Takes 50% Stake in Grand Canal Shoppes; GGP Reaps $410M"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

A recent recapitalization underscores the appeal of trophy Las Vegas retail properties to institutional investors. TIAA-CREF has acquired a 50 percent stake in the Grand Canal Shoppes, including the Shoppes at Palazzo, from General Growth Properties Inc. The transaction generated approximately $410 million in net proceeds, according to a joint statement issued May 16 by GGP and TIAA-CREF.<\/p>\n

\"\"<\/a>Part of the Venetian and Palazzo complex, The Grand Canal Shoppes offers 774,000 square feet of gross leasable area that generates more than $1,000 per square foot. TIAA-CREF’s newly acquired stake involves only the retail component of the complex.<\/p>\n

Besides retaining 50 percent ownership, General Growth will continue to serve as the property’s manager and primary leasing agent. Grand Canal Shoppes had a 99 percent occupancy rate at the time the deal closed.<\/p>\n

TIAA-CREF’s retail growth strategy focuses primarily on regional properties offering strong revenue streams. Its portfolio, which includes office, retail, industrial and multifamily properties on both sides of the Atlantic, is currently valued at $33 million.<\/p>\n

Image courtesy of thegrandcanalshoppes.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Recent deals announced in the Las Vegas retail market indicate the area’s growing potential as an investor’s market, with a partnership between General Growth Properties and TIAA-CREF being revealed as the new ownership structure of the Grand Canal Shoppes, including the Shoppes at Palazzo. General Growth Properties sold 50 percent of its stake to the Teachers Insurance and Annuity Association – College Retirement Equities Fund. The transaction reportedly generated approximately $410 million in net proceeds.<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1593,21742],"tags":[],"class_list":["post-1004074893","post","type-post","status-publish","format-standard","hentry","category-las-vegas","category-latest"],"acf":[],"yoast_head":"\nTIAA-CREF Takes 50% Stake in Grand Canal Shoppes; GGP Reaps $410M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-takes-50-stake-in-grand-canal-shoppes-ggp-reaps-410m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TIAA-CREF Takes 50% Stake in Grand Canal Shoppes; GGP Reaps $410M\" \/>\n<meta property=\"og:description\" content=\"Recent deals announced in the Las Vegas retail market indicate the area’s growing potential as an investor’s market, with a partnership between General Growth Properties and TIAA-CREF being revealed as the new ownership structure of the Grand Canal Shoppes, including the Shoppes at Palazzo. 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