SAN CLEMENTE, CA-A joint venture between Rockwood Capital and Phoenix-based Vestar has sold Talega Village Center, a 102,282-square-foot, grocery-anchored shopping center here, to Equity One for $23 million in a value-add play. Palmer Capital represented the sellers in the transaction.
Rockwood had originally developed the project, and Equity One and Vestar bought an interest in it in December 2010. According to Jeff Axtell, EVP of Vestar, "We decided to sell Talega Village Center because the market conditions and value add we completed made it an ideal time to realize some profit. In three short years, we were able to enhance the experience at the center, bringing in new retailers and adding amenities while creating a premier destination for the community."
Axtel adds that Vestar is continuing to pursue the acquisition of value-add retail investment opportunities. In the past 30 months, the firm has acquired more than $1 billion in retail properties in the western US.
"We are pleased with the successful revitalization of this property, which exemplifies our strategy of investing in well-located real estate that offers value to our investors," says Joel Mayer, managing director and head of retail for Rockwood. "Talega Village Center is one of several projects we have done together with Vestar, and we look forward to continued positive results on other transactions in the future.
As GlobeSt.com reported earlier this month, Vestar has acquired acquisition financing for Village at Orange, a regional mall located on more than 60 acres in Orange. The firm acquired the 855,728-square-foot shopping center for cash in September 2013 and is planning upgrades for it. The seller was not disclosed.
In addition, as GlobeSt.com reported in January, Vestar is looking to acquire more retail properties in Denver following its $123.5-million acquisition of the Orchard Town Center, a retail complex in Westminster, CO.
GlobeSt.com was unable to reach Vestar before deadline to discuss its acquisitions and where it sees strength in the retail market in Orange County.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
