RREEF Outsources Retail Property Management

Completing its program of getting out of the property management business, RREEF Real Estate has outsourced about 11 million square feet of retail at 58 centers across the US, the company announced Wednesday. Jones Lang LaSalle, United Commercial Realty, Mid-America Asset Management Inc., Crosland and KeyPoint Partners will take over direct property management of RREEF’s retail property portfolio; RREEF will continue as asset manager.

This news comes on the heels of the decision last month by RREEF that it was outsourcing its property management on the office and industrial properties to CBRE and Transwestern.

[via Globe St.]

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