BIG USA, RED Development Add Five Properties To Recently Launched Joint Venture

PHOENIX, Oct. 6, 2015 /PRNewswire/ - BIG Shopping Centers USA and RED Development announce today the addition of five retail assets totaling nearly 1.5 million square feet in two Midwestern states and Arizona to their recently launched joint venture BIG RED Portfolio, LLC. The partnership seeks to maximize market presence and performance of select U.S. retail properties in the Midwest and West.

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With the addition of these five properties, the portfolio now consists of nine retail assets totaling nearly three million square feet in three states. The joint venture was originally announced in May.

The acquired three Arizona properties added are all located within one-mile radius in Chandler, Ariz., at the heart of the Southeast Valley's fashion and entertainment district within the Phoenix region. The transactions closed on September 30, 2015 and include:

• Chandler Festival, a 494,858-square foot power center featuring Nordstrom Rack, Lowe's Home Improvement (NAP), TJ Maxx, Ross Dress for Less and buybuy BABY in addition to other local and national retailers.
• Chandler Village, a 296,460-square foot power center that features Target (NAP), Bed Bath & Beyond, DSW and Sports Authority along side national and regional fast-casual restaurants and service providers.
• Chandler Gateway, a 261,678-square foot power center; features one of the state's only Walmart's with drive-up grocery pick-up, Hobby Lobby, Men's Wearhouse plus regional and local retailers and restaurants.

The two Midwest retail centers added are:

• One Pacific Place, a 91,143-square foot outdoor fashion center featuring Omaha's only Trader Joe's; other national lifestyle retailers including Banana Republic, Chico's, Talbots, Sur La Table and L'Occitane; transaction closed September 25, 2015.
• Greenway Station, a 291,315-square foot lifestyle center in Middleton, Wis., 10 minutes from downtown Madison; features a roster of national soft goods retailers, restaurants and two hotels (NAP); transaction closed June 18, 2015.

Greenway Station was wholly owned separately by RED while the three Chandler properties were jointly owned by RED and VEREIT (formerly American Realty Capital Properties). One Pacific Place is a new acquisition for the joint venture.

"These acquisitions not only mark the growth of our joint venture portfolio, but also exemplify the type of centers we seek through our partnership with RED," explains Stanley L. McElroy, Jr., President, BIG Shopping Centers USA.  "All of these assets are well-positioned centers in solid growth markets and include market-leading soft good retailers and popular eateries. We expect to continue the tradition of solid tenant line-ups but also seek opportunities to bring new concepts to the markets."

"These five properties are a terrific fit with the goals of our joint venture with BIG USA and complement the four properties that originally launched the partnership earlier this year," states Michael Ebert, Managing Partner, RED Development. "We have long had a presence in Omaha and see the acquisition of One Pacific Place as an excellent opportunity to add to our holdings in this market. Our Greenway Station property is a strong asset that merits being part of this robust portfolio and the addition of the three Chandler properties adds even more premiere real estate to BIG RED."

BIG RED Portfolio, LLC launched in late 2014 with the acquisition of Camelback Colonnade (Phoenix, Ariz.). Three additional properties were added earlier this year for a total of 1.5 million square feet.  Properties include: The Shops at Hilton Village (Phoenix, Ariz.); Regency Court (Omaha, Neb.); and Village Pointe (Omaha, Neb.). The partnership seeks to acquire established, first-tier community, lifestyle and power centers with strong tenant line-ups and sales figures that are well positioned in markets throughout the United States.

In the joint venture, BIG USA acts primarily as a co-investment partner contributing strategic leasing and management direction while RED Development manages, leases and operates the assets. RED and BIG USA have worked together as owners of the successful Village Pointe property since 2010.

RED, currently celebrating 20 years as a developer, owner and operator of high-quality retail and mixed-use properties, has a productive history of growth through targeted joint venture partnerships in line with its joint venture portfolio with BIG.

About BIG Shopping Centers USA

Established in 1994, BIG Shopping Centers (TASE: BIG) is an international owner, operator and developer of shopping centers in Israel, United States, India and Serbia.  As a co-investment partner, BIG Shopping Centers USA, a subsidiary of BIG Shopping Centers headquartered in Beverly Hills, Calif., joins with leading US shopping center operators to acquire individual as well as portfolios of quality shopping centers for long-term cash flow.  BIG USA primarily focuses on acquiring lifestyle, neighborhood and power centers.  For more information, visit www.bigcentersusa.com.

About RED Development

A wholly integrated commercial real estate company, RED Development maximizes asset value and performance for its high-quality retail and mixed-use portfolio that comprises 33 properties totaling 16 million square feet in 11 states. Celebrating its 20th anniversary in 2015, RED is a preferred partner for national retailers and investors. The company also works with third-party property owners seeking RED's expertise in remerchandising and repositioning properties to improve profitability and appeal. A privately held company headquartered in Phoenix, AZ with corporate offices in Dallas, TX and Overland Park, KS, RED builds on its development capabilities as an active acquirer of existing properties. www.reddevelopment.com

SOURCESRED DEVELOPMENT MEDIA CONTACT: Stephanie Whitlow, RED Development, 480.348.3853, [email protected] WEBSITE: www.reddevelopment.com 

BIG SHOPPING CENTERS USAMEDIA CONTACT:  Jenn Weyand, 678.290.1460, [email protected]WEBSITE:  www.bigcentersusa.com

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SOURCE RED Development; BIG Shopping Centers USA