Kensington Principal Patrick Galentine tells GlobeSt.com that his company and Hanover agreed when they acquired the center in June 2000 from the Newhall Land and Farming Co. that Kensington would later have the option of buying the majority interest.
"We had a pre-determined exit strategy with timing for June 2002, and with significant upside in the property remaining to be tapped, we felt now was the ideal time to take a major stake," Galentine said. He noted the center is close to the Valencia Industrial Center and a rapidly expanding residential area.
Kensington has acquired over $150 million of retail, office, and multi-tenant industrial property over the past four years.
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