{"id":1004118794,"date":"2015-05-05T19:31:36","date_gmt":"2015-05-06T03:31:36","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=344813"},"modified":"2020-05-18T03:36:02","modified_gmt":"2020-05-18T11:36:02","slug":"tiaa-cref-buys-stake-in-hawaiis-largest-shopping-mall-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-buys-stake-in-hawaiis-largest-shopping-mall-2\/","title":{"rendered":"TIAA-CREF Buys Stake in Hawaii\u2019s Largest Shopping Mall"},"content":{"rendered":"

By Adriana Pop, Associate Editor <\/em><\/p>\n

\"\"<\/a>In a $454 million deal, TIAA-CREF has acquired a 12.5 percent equity interest in Honolulu\u2019s Ala Moana Center from General Growth Properties Inc. (GGP).<\/p>\n

The center, which totals approximately 2.2 million square feet of retail and office space, ranks as the largest shopping mall in Hawaii. With more than $1,350 worth of tenant sales per square foot, Ala Moana Center is also one of the world\u2019s most productive retail assets. The property is currently undergoing a redevelopment, which will bring another 660,000 square feet of space. The upcoming additions will be anchored by Bloomingdale\u2019s first store in Hawaii and Nordstrom, which will be relocating within the center. The mall features more than 280 first-class tenants, including Neiman Marcus, Macy\u2019s, Apple, Cartier, Chanel, Ben Bridge, Bottega Veneta, Harry Winston, Hermes, Louis Vuitton, Miu Miu, Prada and Tiffany.<\/p>\n

Following the sale, GGP now owns a 62.5 percent equity interest in Ala Moana Center.<\/p>\n

Earlier in March, as reported by the Pacific Business News<\/a><\/em>, the Chicago-based company sold a 25 percent ownership stake in the Honolulu property to AustralianSuper for about $907 million.<\/p>\n

\u201cThis investment represents the opportunity to acquire an interest in one of the highest-performing retail assets in the world,\u201d Mike Fisk, senior director of regional mall acquisitions for TIAA-CREF Global Real Estate, said in a news release. \u201cOur research points toward positive indications for regional mall performance, due to a modest new supply pipeline, expected high productivity for top-quality malls and anticipated NOI growth via re-leasing opportunities.\u201d<\/p>\n

GGP and New York-based TIAA-CREF, the largest manager of institutional tax-exempt real estate assets in the United States, are also partners in the Grand Canal Shoppes in Las Vegas.<\/p>\n

Photo credit: www.enoa.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In a $454 million deal, TIAA-CREF has acquired a 12.5 percent equity interest in Honolulu’s Ala Moana Center from General Growth Properties, Inc. (GGP).<\/p>\n","protected":false},"author":260,"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":[1588,21742],"tags":[],"class_list":["post-1004118794","post","type-post","status-publish","format-standard","hentry","category-honolulu","category-latest"],"acf":[],"yoast_head":"\nTIAA-CREF Buys Stake in Hawaii\u2019s Largest Shopping Mall - 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-buys-stake-in-hawaiis-largest-shopping-mall-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TIAA-CREF Buys Stake in Hawaii\u2019s Largest Shopping Mall\" \/>\n<meta property=\"og:description\" content=\"In a $454 million deal, TIAA-CREF has acquired a 12.5 percent equity interest in Honolulu’s Ala Moana Center from General Growth Properties, Inc. 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