Peninsula Shopping Center falls out of escrow, sale still hopeful

The beleaguered Peninsula Shopping Center reportedly fell out of escrow earlier this year after a pending sale with Phoenix-based Vestar, a large real estate holding company. Neither party could discuss what possibly sent the deal astray. Principal Life Insurance, which owns the property, reportedly hasn’t given up on the deal. A possible sale to Vestar went into escrow in the Fall. In recent years, the shopping center has seen increased vacancies as the economy declined and the mall itself