ST. LOUIS-The San Antonio-based USAA Real Estate Co. has moved in to fill an equity partner position in the portfolio ownership of 28 grocery-anchored shopping centers with locally based Desco Group. USAA replaces former partners Charter Hall REIT, which sold its part of the venture for $168 million, and Regency Centers, which took four additional properties as compensation.

The 28 centers total more than 2.3 million square feet across Missouri, Illinois, Indiana and Tennessee. All are anchored by Schnucks supermarkets, which are a staple of Desco properties, run by Mark Schnuck, president and CEO. He is part of the family-run management of the grocery store chain – Desco stands for Don and Ed Schnuck Co. – but along with managing the real estate assets for Schnuck’s Markets Inc., Mark’s firm is invested in all forms of retail commercial real estate services.

In a statement, Charter Hall CEO Steven Sewell said the divestment allows the Sydney, Australia-based firm to trim its US portfolio of assets to less than 1%. “Proceeds from this sale are earmarked for various capital management initiatives, including the previously announced buy-back of the REITs units, investment in redevelopment projects at currently owned properties or acquisitions of quality grocery anchored neighborhood or sub-regional shopping centers in Australia,” Sewell said in the statement.