San Diego Retail Center Is Part of $935M Portfolio Purchase By BlackstoneWednesday, June 26, 2013
Rancho Penasquitos Town Centre in San Diego is part of a $935 million deal, in which The Blackstone Group of New York is acquiring a majority interest in a national portfolio of 39 shopping centers from investment firm UBS.
According to CoStar Group and public data, Blackstone is taking a 67 percent interest in the portfolio, which includes 131 separate buildings. New York-based Kimco Realty Corp., previously a joint venture partner with UBS in the portfolio, is raising its stake from 18 percent to 33 percent.
The deal includes 11 buildings at the Rancho Penasquitos center, located on Black Mountain Road near Interstate 15, sold for a total of approximately $18 million.
Blackstone Group is among the world’s largest private equity firms. Among other local holdings, Blackstone is majority owner of Hotel del Coronado.
Its portfolio companies include SeaWorld Entertainment Inc., which operates SeaWorld San Diego; and Merlin Entertainments Group, operator of Legoland California Resort in Carlsbad.
— SDBJ Staff Report