BIG USA, RED Development add five properties to recently launched joint venture

Phoenix -- BIG Shopping Centers USA and RED Development announced the addition of five retail assets totaling nearly 1.5 million sq. ft. in Arizona, Nebraska and Wisconsin to their recently launched joint venture BIG RED Portfolio.



The joint venture was launched in late 2014 with the acquisition of Camelback Colonnade in Phoenix. With the recent acquisition the portfolio now consists of nine retail assets totaling nearly three million sq. ft. in three states.



The three Arizona properties are all located within one-mile radius in Chandler, Arizona, at the heart of the Southeast Valley's fashion and entertainment district within the Phoenix region.



The properties include: Chandler Festival, a 494,858-sq.-ft. power center that features Nordstrom Rack, Lowe's Home Improvement, TJ Maxx, Ross Dress for Less and buybuy Baby; Chandler Village, a 296,460 sq. ft. power center featuring Target, Bed Bath & Beyond, DSW and Sports Authority alongside national and regional fast-casual restaurants and service providers; and Chandler Gateway, a 261,678-sq.-ft. power center, which has one of the state's only Walmarts with drive-up grocery pick-up, Hobby Lobby, Men's Wearhouse and regional and local retailers and restaurants.



The two Midwest properties include: One Pacific Place, a 91,143 sq. ft. outdoor fashion center located in Omaha, Nebraska features Omaha's only Trader Joe's, Banana Republic, Chico's, Talbots, Sur La Table and L'Occitane; and Greenway Station, a 291,315 sq. ft. lifestyle center in Middleton, Wisconsin features national retailers, restaurants and two hotels.



"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 for BIG Shopping Centers USA.



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. The strategic growth plan for Big Red Portfolio is 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.