Vestar, UBS Buy Peninsula Center for $87M
Vestar bought Riverside Plaza last September for just under $85M, but it wasn't done yet. In aJV with a UBS Global Asset Management fund, Vestarhas purchasedthe 300k SF Peninsula Center (above) in Rolling Hills Estatesfrom Principal Real Estate Investors for just over $87M cash. Acquisitions and development VP Jeff Axtell calls this a value-add investment in a tight coastal market.He says the center provides Vestar with stable cash flow and greatdemographics, located in one of the state's most affluent communities (and highest-priced residential real estate markets). Plans are to upgrade the property with new landscaping and amenities and to bring new retailers into the center, which is 88% leased. Anchors include Vons Pavilions, Rite Aid, and TJ Maxx.
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