40 N. Fourth Ave. -- Photo courtesy of Brixton Capital

40 N. Fourth Ave. -- Photo courtesy of Brixton Capital

San Diego-based American Assets Trust Inc. has purchased the Gateway Marketplace retail center in Chula Vista for approximately $42 million, the company announced.

The 128,000-square-foot-property is at 40 N. Fourth Ave., adjacent to another retail center that American Assets already owns, known as Southbay Marketplace.

Located near state Route 54, Gateway Marketplace was acquired from San Diego-based Brixton Capital. Earlier this year, Brixton completed a multimillion-dollar renovation that included the replacement of a vacated former Target location and the arrival of several new tenants, including Party City, Smart & Final, Hobby Lobby and Aldi.

In a company statement, American Assets officials said the acquisition was funded with a combination of cash on hand and funds drawn against the company’s existing credit facility.

According to brokerage firm Holliday Fenoglio Fowler LP (HFF), the selling entity was a partnership of Brixton Capital and ALTO Real Estate Funds, represented in the deal by an HFF team led by Gleb Lvovich and Bryan Ley.

Led by Chairman and CEO Ernest Rady, American Assets Trust (NYSE: AAT) is headquartered in Carmel Valley and invests primarily in West Coast commercial properties. The real estate investment trust oversees a portfolio valued at more than $2 billion, including retail, office, hotel, multifamily and mixed-used properties.

In April, American Assets announced that it was acquiring the 533-unit Pacific Ridge Apartments in San Diego for approximately $232 million, among the largest local property deals so far in 2017.