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Nuveen Taps Vestar to Manage SoCal Portfolio
(Updated with additional information)
Vestar, a privately held owner and operator of open-air shopping centers in the western United States, has been engaged by Nuveen Real Estate to provide property management, strategic leasing oversight, marketing and construction management services for its newly acquired retail portfolio in Southern California. The grocery-anchored portfolio includes more than 600,000 square feet of high-performing shopping centers with occupancy rates exceeding 98%.
The portfolio includes Campus Marketplace in San Marcos, The Pavilion at La Quinta in La Quinta, River Oaks Shopping Center in Santa Clarita, Bear Creek Village in Wildomar and Old Grove Marketplace in Oceanside. InvenTrust Properties Corp. said it sold the portfolio for $306 million.
“Nuveen Real Estate is a globally respected leader in the industry and we are proud to be chosen for this significant management assignment,” said Patrick McGinley, president of management services for Vestar. “Their reputation for excellence and decades-long track record of strategic, successful investments set the standard in our industry and we’re excited to bring our full suite of management services to help drive the next phase of growth for these exceptional assets.”
Pictured: Old Grove Marketplace.
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