{"id":1004150115,"date":"2016-08-17T23:52:18","date_gmt":"2016-08-18T07:52:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004150115"},"modified":"2020-05-18T03:39:52","modified_gmt":"2020-05-18T11:39:52","slug":"tiaa-unit-closes-1-2b-super-regional-mall-fund","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tiaa-unit-closes-1-2b-super-regional-mall-fund\/","title":{"rendered":"TIAA Unit Closes $1.2B Super-Regional Mall Fund"},"content":{"rendered":"<p>By Scott Baltic, Contributing Editor<\/p>\n<div id=\"attachment_1004150198\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Ala-Moana-Interior.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004150198\" data-attachment-id=\"1004150198\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/tiaa-unit-closes-1-2b-super-regional-mall-fund\/ala-moana-interior\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Ala-Moana-Interior.jpg\" data-orig-size=\"1000,666\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Ala Moana Interior\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Ala-Moana-Interior.jpg?w=1000\" class=\"wp-image-1004150198 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Ala-Moana-Interior.jpg\" alt=\"Ala Moana Center, Honolulu\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Ala-Moana-Interior.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Ala-Moana-Interior.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Ala-Moana-Interior.jpg?resize=768,511 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004150198\" class=\"wp-caption-text\">Ala Moana Center, Honolulu<\/p><\/div>\n<p><strong>New York<\/strong>\u2014After raising $1.25 billion from investors, <a href=\"https:\/\/www.tiaa.org\/public\/assetmanagement\" target=\"_blank\">TIAA Global Asset Management<\/a> has successfully closed its T-C U.S. Super Regional Mall Fund LP, TIAA announced Monday. The U.S. SRM Fund reportedly has capital commitments from several domestic and foreign institutional investors and from TIAA\u2019s General Account.<\/p>\n<p>With leverage, these equity commitments will allow the fund to assemble a portfolio of approximately $2.5 billion. To date, the fund has invested roughly $685 million.<\/p>\n<p>One of the investments so far was the purchase in April 2015 of a 12.5 percent stake in Honolulu\u2019s Ala Moana Center, a TIAA spokesperson told <em><a href=\"https:\/\/www.commercialsearch.com\/news\/\" target=\"_blank\">Commercial Property Executive<\/a><\/em>. With more than 280 tenants, the mall reportedly is one of the world\u2019s largest and most-productive shopping centers, with more than $1,350 in sales per square foot.<\/p>\n<p>The U.S. SRM Fund is intended to \u201cprovide investors with access to dominant super-regional malls via ventures with top tier operators,\u201d according to TIAA, which touts its extensive experience in the <a href=\"https:\/\/www.commercialsearch.com\/news\/retail\/\" target=\"_blank\">retail sector<\/a> and its position as one of the United States\u2019 leading retail investors. TIAA has a $15 billion, 64 million-square-foot equity and debt portfolio comprising malls, grocery-anchored centers and urban retail.<\/p>\n<p>\u201cSuper-regional malls have proven to be a distinctly strong and stable performer throughout multiple cycles,\u201d Suzan Amato, managing director at TIAA Global Asset Management, said in a prepared statement. \u201cThey have demonstrated high NOI growth, low volatility compared to other property sectors, and a history of out-performing the NCREIF Property Index.\u201d<\/p>\n<p>(TIAA cites real estate investment performance data from NCREIF showing that super-regional malls have delivered stronger risk-adjusted returns than the office, industrial and multi-family sectors over the last 30 years.)<\/p>\n<p>\u201cSeveral attractive purchase opportunities have come to our attention through our long-standing relationships with mall operators,\u201d Amato told CPE. \u201cWe have a robust pipeline of purchase opportunities with operators who seek capital to fund programs that keep their best product on the leading edge. Our long experience in this sector puts us in touch with these opportunities.\u201d<\/p>\n<p>\u201cWe believe that U.S. 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,\u201d Scott Kempton, managing director &amp; the fund\u2019s portfolio manager, said in the announcement. \u201cThese assets are unique, hands-on environments, often offering extensive food hall and fine dining options, as well as movie theatres and other attractions that can ultimately help drive traffic and sales.\u201d<\/p>\n<p>In October 2011, the then TIAA-CREF closed a super-regional mall joint venture owned 51 percent by TIAA-CREF and 49 percent by Dutch pension fund manager APG. The joint venture partners purchased Oak Park Mall in Overland Park, Kan.; West County Center in metro St. Louis; CoolSprings Galleria in Franklin (metro Nashville), Tenn.; Pearland Town Center in metro Houston; and Westfield Montgomery in Bethesda, Md. The five properties totaled roughly 5.8 million square feet and approximately $1.5 billion in value.<\/p>\n<p><em>Image courtesy of <a href=\"https:\/\/www.visitoverlandpark.com\/\" rel=\"nofollow\" target=\"_blank\">Visit Overland Park<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The equity commitments will allow the fund to assemble a portfolio of approximately $2.5 billion.<\/p>\n","protected":false},"author":882,"featured_media":1004150198,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26296,21808,21825,21783,23891,1600,21742,10,21749],"tags":[],"class_list":["post-1004150115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cpe-capital-markets-newsletter-article","category-featured","category-finance","category-investment","category-national","category-new-york","category-latest","category-northeast","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"TIAA Unit Closes $1.2B Super-Regional Mall Fund - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/tiaa-unit-closes-1-2b-super-regional-mall-fund\/","og_locale":"en_US","og_type":"article","og_title":"TIAA Unit Closes $1.2B Super-Regional Mall Fund","og_description":"The equity commitments will allow the fund to assemble a portfolio of approximately $2.5 billion.","og_url":"https:\/\/www.commercialsearch.com\/news\/tiaa-unit-closes-1-2b-super-regional-mall-fund\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2016-08-18T07:52:18+00:00","article_modified_time":"2020-05-18T11:39:52+00:00","og_image":[{"width":1000,"height":666,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Ala-Moana-Interior.jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/tiaa-unit-closes-1-2b-super-regional-mall-fund\/","url":"https:\/\/www.commercialsearch.com\/news\/tiaa-unit-closes-1-2b-super-regional-mall-fund\/","name":"TIAA Unit Closes $1.2B Super-Regional Mall Fund - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/tiaa-unit-closes-1-2b-super-regional-mall-fund\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/tiaa-unit-closes-1-2b-super-regional-mall-fund\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Ala-Moana-Interior.jpg","datePublished":"2016-08-18T07:52:18+00:00","dateModified":"2020-05-18T11:39:52+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/tiaa-unit-closes-1-2b-super-regional-mall-fund\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/tiaa-unit-closes-1-2b-super-regional-mall-fund\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/tiaa-unit-closes-1-2b-super-regional-mall-fund\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Ala-Moana-Interior.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Ala-Moana-Interior.jpg","width":1000,"height":666},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/tiaa-unit-closes-1-2b-super-regional-mall-fund\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"TIAA Unit Closes $1.2B Super-Regional Mall Fund"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Ala-Moana-Interior.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004150115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004150115"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004150115\/revisions"}],"predecessor-version":[{"id":1004443954,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004150115\/revisions\/1004443954"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004150198"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004150115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004150115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004150115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}