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SAN DIEGO-A joint venture between Bala Cynwyd, PA-based Stoltz Real Estate Fund I LP and El Segundo-based Pacific Coast Capital Partners LLC has acquired the Shops at Las Americas, a 560,000-sf retail center near the border of San Diego and Tijuana. The property sits on 46.8 acres in the San Ysidro neighborhood of San Diego, and, according to an executive with PCCP, the asset is worth in excess of $150 million at build-out. The property counts two phases with one already complete. "We acquired a 372,000-sf center and Phase II is an additional 188,000 sf," says Jennifer Diaz, fund manager of the Southern California Smart Growth Fund of PCCP. "Essentially, we acquired the already existing shops and we're also the construction lender to complete the second phase," she says. The joint venture partners acquired the property from the JE Roberts Cos., who will stay on and develop Phase II of the project.Phase II sits on 15 acres that are adjacent to Phase I. Diaz tells Globest.com that the second phase is 75% built at this point. "It's 50% preleased and scheduled to open in May 2005." Early tenants include Neiman Marcus Last Call, a clearance center for the retailer, as well as Polo and Coach. "The joint venture's plan is to continue to operate the existing first phase and lease the few remaining vacancies, as well as to finance the development and lease-up of the second phase." Phase I of the project opened its doors in 2001. It sits on 31.8 acres and includes eight, one-story retail buildings, a food court building and five pad buildings which are 100% leased. It counts Banana Republic, Gap, Old Navy, Nike, Nautica, Brooks Brothers, Adidas, Liz Claiborne, Guess?, Levi's, Sketchers, Polo Jeans and others among its tenants. "The tenants are a good mix of outlet stores and other tenants, like Old Navy, who don't have outlet stores," says Diaz. Upon completion, both of the phases will function as a single retail center. PCCP made its investment through the Southern California Smart Growth Fund, an institutional equity fund focused on low- and moderate-income census tracts throughout Southern California. This is the first joint venture between PCCP and Stoltz, but the two parties are exploring other opportunities, according to Diaz. For this project, "Stoltz brings in the day-to-day management team while PCCP brings expertise in finance and capital for all aspects of the acquisition," Diaz tells Globest.com.