Peninsula Center Sells for $87.3 Million in Cash

Rolling Hills Estates, Calif. — The 300,000-square-foot center is anchored by Vons Pavilion.

Rolling Hills Estates, Calif. — Vestar, through a joint venture with a fund advised by UBS Global Asset Management, has acquired the 300,000-square-foot Peninsula Center for $87.3 million in an all-cash transaction. The property is situated on approximately 25 acres on the Palos Verdes Peninsula in Rolling Hills Estates. Peninsula Center is 88 percent leased and anchored by Vons Pavilion, Rite Aid and T.J. Maxx. Other tenants include Spectrum Health Club, Pier 1 Imports and Petco.

Christopher Hoffman, Rikki Keating and Thao Tran of Eastdil Secured represented the seller, Principal Real Estate Investors, in the transaction. Vestar was self-represented.

The transaction marks Vestar’s second Southern California retail center acquisition in the past six months. The company purchased Riverside Plaza in September 2012 for $84.8 million.

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