CBRE Nabs Italian Shopping Center for $68M

The acquisition marks the firm’s first purchase as part of its European retail strategy.

Mongolfiera Shopping CenterMongolfiera Shopping Center, Lecce, Italy

Lecce, ItalyCBRE Global Investors, has announced the purchase of Mongolfiera, a shopping center in Lecce, Italy, on behalf of a pan European retail strategy. The property traded for $68.3 million (EUR 61.8 million) and was sold by London-based asset manager Schroders.

The property opened in 1994, and includes a hypermarket and gallery. The shopping center was extended in 2006, and upgrades have been made to include a food court area and more retail space. CBRE purchased 122,331 square feet, which include the hypermarket. The single-floor building is anchored by Ipercoop, which was not included in this transaction, MediaWorld, H&M and Piazza Italia. At the time of the deal, the center was 100 percent occupied by 48 tenants…

CBRE Nabs Italian Shopping Center for $68M

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