CHARLOTTE, N.C., Oct 27 — Barings, one of the world’s leading alternative investment managers, today announced the $66.2 million acquisition of Village Center at Rose, a 118,876-square-foot, grocery-anchored shopping center in Placentia, California.
“The acquisition of Village Center at Rose, anchored by a dominant grocer, further advances our strategy to invest in necessity-based retail, with a focus on strengthening portfolio income durability and cash flow visibility,” said Kevin Miller, Barings’ Head of U.S. Real Estate Acquisitions. “The property’s established tenant base, strong occupancy and location in a supply-constrained market align well with our investment approach.”
Located at 600-858 North Rose Drive, Village Center at Rose is fully leased and anchored by Ralphs, which has operated at the property since it was built in 1996. Eighty percent of the center’s tenants have been at the property for more than 10 years, with additional tenants including Chase Bank, The UPS Store, Jersey Mike’s Subs and Carbon Health. The property spans approximately 10.15 acres in an established Orange County market with a substantial surrounding residential base.