ROLLING HILLS ESTATES, CA—Vestar, in a joint venture with a fund advised by UBS Global Asset Management, has acquired Peninsula Center, a 300,000-square-foot 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 Southern California retail center acquisition in the past six months. In September 2012, the firm acquired Riverside Plaza for $84.84 million.
“Peninsula Center provides us with a value-added investment opportunity in a in a tight coastal market,” said Jeff Axtell, Vestar Vice President of Acquisitions and Development. “Our goal is to significantly upgrade the center with new landscape and amenities while bringing in new retailers."
Axtel added that the firm is very bullish about these types of value-added investment opportunities and are aggressively seeking more properties like it throughout the West.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
