—Vestar, in a joint venture with a fund advised by UBS Global Asset Management, has acquired Peninsula Center, a 300,000-sq.-ft. retail center located on 24.7 acres in the affluent city of Rolling Hills Estates in Los Angeles County for $87.3 million in an all cash transaction.
The acquisition marks Vestar's second Southernretail center acquisition in the past six months. In September 2012, the firm acquired Riverside Plaza for $84.8 million.
“Peninsula Center provides us with a value-addedopportunity in a in a tight coastal market,” Vestar President Rick Kuhle said in a statement. “Our goal is to significantly upgrade the center with new landscape and amenities while bringing in new retailers."
Kuhle continued by saying that we are very bullish about these types of value-addedopportunities and are aggressively seeking more properties like it throughout the West.
Located on the Palos Verdes Peninsula in the city of Rolling Hills Estates, Peninsula Center is 88 percent leased and anchored by Vons Pavilions, Rite Aid, TJ Maxx. The center also features other tenants including Spectrum Health Club, Pier 1 Imports and Petco.
The Eastdil Secured team of Christopher Hoffman, Rikki Keating and Thao Tran represented the seller, Principal Real Estate Investors, in the transaction. Vestar represented itself in the transaction.