Coventry Real Estate Advisors has transferred its majority ownership share of Buena Park Place to DDR Corp. in Beachwood, Ohio, its former joint venture partner.
The deal values the 80% stake in the retail center at $39 million.
The two entities formed Coventry II DDR Buena Park LLC and in 2004 purchased Buena Park Downtown, a 1.1-million-square-foot retail complex that included the Buena Park Place and Buena Park Mall.
Buena Park Place is a 223,000-square-foot open-air shopping center home to a Kohl’s, Toys R Us/Babies R Us, Michael’s, PetSmart and locations of several restaurant chains.
DDR also owns Paseo Colorado in Pasadena, and The Pike Outlets in Long Beach.