Peninsula Center sold for $87.3 million
Shoppers will enjoy a remodeled Peninsula Shopping Center sometime next year. Photo by David Rosenfeld Phoenix-based Vestar finalized the purchase of the Peninsula Shopping Center last month for $87.3 million. The 300,000-square-foot retail center on 24.7 acres had experienced a series of vacancies in recent years. After the center was put on the market last year, Vestar entered escrow on the property in the fall. “We’ve been waiting on the peninsula for this for a while now,” said Susan Brooks, mayor of Rancho Palos Verdes who’s also working part-time to help promote the center. Vestar bought the property from Principal Life Insurance through a joint venture with UBS Global Asset Management. Jeff Axtell, vice president of acquisitions and development, who lives in the area and works out of Vestar’s Long Beach office, said in a press release they were looking forward to enhancing the center. “Peninsula Center is one of the premier retail centers in Los Angeles and we are excited to be adding it to our portfolio,” Axtell said in a press release. “The property provides Vestar with stable cash flow with excellent demographics.” The acquisition marks Vestar’s second Southern…
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