Vestar and UBS Drop $87M for Retail Property

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.”