CBRE to expand large-format retail management
Los Angeles -- CBRE Group announced that Mark Hunter has joined the company as managing director of retail asset services, the Americas. Hunter will assist CBRE in expanding its industry services for third party management of retail properties further into the mall sector. He will lead CBRE’s offering of services such as asset management, leasing, accounting, consumer marketing and development for malls generally exceeding 500,000 sq. ft.
“CBRE already is the largest third-party leasing and managing firm for retail properties in the U.S., with over 400 million sq. ft. of retail centers under management and leasing contracts,” said Todd Caruso, CBRE’s senior managing director, retail services. “However, significant opportunities are emerging to provide third-party leasing and management services for malls divested by big real estate investment trusts, as well as those owned by institutional investors that don’t manage properties themselves. Mark’s deep experience in the mall industry will enable us to better serve more clients in this significant segment of the retail industry.”
Hunter’s arrival at CBRE comes amid the company’s ongoing enhancement of its Retail Asset Services offering, part of which entails creating teams with retail experience to focus solely on managing and operating malls and other large retail properties rather than other asset classes. Malls, as large, uniquely complicated properties, which are ideally suited for this specialized and dedicated approach.
Hunter joins CBRE with more than 30 years of experience managing malls and other large-format retail properties. He served as senior VP of retail for Hudson Advisors, the asset-management arm of private-equity firm Lone Star Funds. Prior to that, he oversaw the third-party management division of mall owner General Growth Properties. In his career, he has managed 135 large shopping centers totaling more than 100 million sq. ft., including iconic malls such as Water Tower Place in Chicago, King of Prussia Mall in Pennsylvania and Del Amo Fashion Center in Torrance, California, as well as directly negotiated or approved more than 15,000 leases cumulatively exceeding $12 billion in minimum rent.
“The mall environment today is swiftly evolving with retailers shifting to multichannel distribution and owners adding more restaurant, entertainment and mixed-use components to their properties,” stated Hunter. “Given the depth of services and expertise within CBRE, the firm is well positioned to assist owners and retailers in this constantly changing environment.”