Citivest, Angelo Gordon Shell Out $183M for Retail Portfolio
An institutional JV of Newport Beach-based Citivest Commercial Investments and NYC-based Angelo, Gordon & Co has purchased nine shopping center properties here totaling more than 520k SF. The assets include Walmart and Home Depot-anchored EastLake Terraces in Chula Vista and the massive power center Best Buy, Bed Bath & Beyond-anchored Pacific Coast Plaza, totaling 312k SF. The total price tag was $183.25M. "All nine of these retail properties are positioned in strong locations within their submarkets and feature historically high occupancy with either strong anchor tenants or shadow-anchors that drive consumer traffic to the centers,” says Citivest CEO Larry Weese. Other properties include Town Center North in Oceanside; Palm Promenade on Dennery Road in San Diego; Stonecrest Plaza on Murphy Canyon Road; East County Square at 13465 Camino Canada in El Cajon; Eastlake Village Center East in Chula Vista; and Southbay Marketplace on North Broadway in Chula Vista.