Phoenix-based commercial real estate company RED Development announced a new partnership with Beverly Hills developer BIG Shopping Centers USA Thursday.
Together the two companies formed BIG RED Portfolio LLC, which will focus on establishing first-tier shopping centers with strong tenant lineups and sales figures in markets across the U.S.
BIG RED’s first investments were properties owned by BIG USA and RED beforehand, two of which are in the Valley: the Shops at Hilton Village in Scottsdale and Camelback Colonnade in Phoenix.
The two other properties are located in Omaha, Nebraska. All together BIG RED owns 1.5 million square feet of retail space.
“We knew BIG USA would be an ideal partner for RED as we pursue our strategy of forming joint ventures with top-quality organizations so we can grow through smart acquisitions and strong operations,” RED Managing Partner Michael Ebert said in a statement.