At 272,914 sf, the class A community shopping center sold for about $190.53 per sf. The plaza is about 98% occupied. Anchor tenants include Albertson's, Toys 'R' Us, LA Fitness and Office Max.

The one-story, L-shaped building accommodates four anchor tenants and five outparcels, and was built in 1989. It features mission-style architecture, including barrel tile roofs, fountains and bell towers.

Gumberg Property Investors Inc. of Fort Lauderdale sourced the transaction. The company also will manage and lease the property.

Mission Bay Plaza is Investcorp's first retail investment in more than two years. It is the company's third acquisition this year.

"Mission Bay's superior location and strong tenancy make this investment particularly compelling," F. Jonathan Dracos, a member of Investcorp's management committee, says in a statement. "In addition, we look forward to continuing our relationship with Gumberg Property Investors, which previously assisted Investcorp affiliates in acquiring and successfully disposing of assets in transactions totaling more than $150 million."

Investcorp, with offices in New York, London and Bahrain, acts as a principal and intermediary in international investment deals. Investcorp's New York-based team focuses on high-quality existing commercial, hotel and residential properties that have strong cash flow and good potential for medium-term capital gains. The team's portfolio currently is valued at more than $2.2 billion in select U.S. markets.

Besides investing in real estate, Investcorp, established in 1982, also is involved in corporate and technology investments, and asset management. The seller, Invesco, is the institutional division of AMVESCAP, which is publicly traded in New York, Toronto, London, Paris and Frankfurt.