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Vestar Renovates, Signs Major Tenants

LOS ANGELES—Vestar begins a $12-million renovation project on the Peninsula Center and signs leases with four retailers, including Sports Authority and Ulta Beauty.

By Kelsi Maree Borland | Updated on July 02, 2015

LOS ANGELES—Vestar has launched a major renovation of Peninsula Center, a 300,000-square-foot retail center in Rolling Hills Estates. The renovation project will cost $12 million, and has already landed the investor four new credit tenants: Sports Authority, Ulta Beauty, Chipotle and the Habit Burger Grill. The renovation project will be completed by the end of 2016, while the new tenants will all be open by early 2016.

“We bought the property because there were a lot of large vacancies and the anchor tenant leases had expired, and that gave us the ability to do some real meaningful changes to the center by combining a few smaller spaces together to create some new anchor-tenant spaces, bringing in some national chains and bringing in some new pad buildings,” Jeff Axtell, EVP at Vestar, tells GlobeSt.com. “The main focus of the renovation is going to be changing the physical structure; we are adding a two-way drive aisle and we are tearing down a roof structure canopy to connect two different pieces of the structure to create better circulation and visibility. Then, we are combining spaces and bringing in our new anchor tenants, and we are building some new pad buildings, which are under construction now.”

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