Big V launches retail property fund
Big V Property Group has created a new investment vehicle with seven of its retail properties.
The Charlotte, N.C.-based company, which owns, operates and develops shopping centers across the United States, has partnered with Equity Street Capital to launch the Big V Core Property Fund, a $1.2 billion open-ended retail real estate fund created by consolidating seven retail assets into a single investment trust.
The Core Property Fund is designed to “enhance long-term growth and appreciation for both existing and future investors.” This includes increased “diversification, improved operational efficiencies, economies of scale, redemption rights for investors to provide investor liquidity, and enhanced strategic flexibility.”
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In conjunction with the fund launch, Big V secured a $765 million financing facility to support the new fund’s current operations and continued expansion.
“We’ve spent two years planning our next phase of growth, and the launch of the Big V Core Property Fund today is the first step in a series of strategic moves designed to grow our platform and enhance long-term value for investors,” said Jeffrey Rosenberg, chairman and CEO of Big V. “We believe the roll-up of our seven most iconic retail properties into a single vehicle is the foundation which will facilitate the execution of our growth plans for the future.”
Located in high-traffic areas, the seven Big V centers are major shopping hubs for residents and visitors, with nearly 64.9 million total visits annually from nearly 9.2 million unique visitors, according to the company. The centers are:
RIM (San Antonio) 1.2 million sq. ft.
The Avenue Murfreesboro (Murfreesboro, Tenn.) 851,051 sq. ft.
Southpark Meadows (Austin, Texas) 938,103 sq. ft.
Glynn Isles (Brunswick, Ga.) 193,039 sq. ft.
Alamo Ranch (San Antonio) 464,722 sq. ft.
Westside Center (Huntsville, Ala.) 488,408 sq. ft.
Glade Parks (Euless, Texas) 559,457 sq. ft.
“The Core Fund represented a unique opportunity to finance generational assets defined by exceptional quality, strong occupancy, and enduring stability – all supported by the proven operations of Big V Property Group,” said Bryan Kallenberg, VP of capital markets at Big V. “We’re deeply appreciative of the partnerships we’ve built with our four lending institutions – each one is a reflection of our team’s dedication and relentless drive for growth.”
Big V operates more than 50 outdoor shopping centers in 14 states totaling 9.5 million sq. ft.