Orange County, Calif. — Nuveen Real Estate has acquired a 13-property, open-air retail portfolio spanning three states for $445.5 million. The 1.9 million-square-foot portfolio consists of six properties in California, four in Colorado and three in Washington. This acquisition represents one of the largest anchored retail portfolio transactions completed in the western United States in recent years, according to JLL.
Collectively, the assets were 93.5 percent leased at the time of sale and are grocery-anchored by tenants such as Safeway, Walmart Neighborhood Market, Sprouts Farmers Market, FoodMaxx and Grocery Outlet. Additional retailers include Target, T.J. Maxx, Marshalls, Ross Dress for Less and Best Buy.
Daniel Tyner, Geoff Tranchina, Gleb Lvovich and Eric Kathrein of JLL represented Nuveen Real Estate in the transaction. Kevin MacKenzie, Spencer Bergthold and John Marshall, also of JLL, arranged $239 million in financing for 11 of the properties through U.S. Bank.