RREEF Real Estate has outsourced the property management of its retail property portfolio, assigning five firms a cluster of properties broken down by geographic location. Commercial real estate firm Jones Lang LaSalle received the largest assignment - 29 retail centers totalling approximately 5.7 million SF on the West and East coasts in addition to Ohio and Western Pennsylvania.
The news falls on the heels of RREEF outsourcing the property management assignment for its office portfolio to CB Richard Ellis and Transwestern.
In addition to Jones Lang LaSalle, the following firms were awarded a piece of the pie:
- United Commercial Realty (UCR) has been assigned eight centers totalling approximately 1.7 million square feet concentrated in Texas.
- Mid-America Asset Management Inc. has been assigned 12 centers totalling approximately 1.6 million square feet concentrated in the Midwest.
- Crosland has been assigned four centers totalling approximately 1.5 million square feet concentrated in the Carolinas and Tennessee.
- KeyPoint Partners has been assigned five centers totalling approximately 533,000 square feet concentrated in New England.
The transition of the portfolios is expected to be completed by the end of 2009. Prior to the selection of these management companies, the majority of the properties had been managed directly by RREEF, which will continue as the asset manager.
You can find more on this story, as well as today's other commercial real estate headlines, by clicking here for the Baltimore / Mid-Atlantic Commercial Real Estate Report for Thursday, Oct. 22.
Follow citybiz real estate Publisher Jay Rickey on Twitter! Twitter.com/JayRickey
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