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Huntington Beach’s Pacific City shopping center has seen a change in ownership.

The real estate division of New York-based asset management firm TIAA Global Asset Management said on Wednesday that it bought a 70% stake in the outdoor retail center for an undisclosed amount.

San Jose-based DJM Capital Partners, the project’s developer, is retaining the remaining 30% stake in Pacific City, and will continue to manage the property.

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TIAA Global Asset Management bought its stake from DJM’s former partner in the project, an undisclosed private investor.

The Pacific City shopping center opened last year. The 190,900-square-foot property runs along Pacific Coast Highway, near the Huntington Beach pier.

The prior ownership group of Pacific City had lined up $93 million in financing to develop the retail project, which is still being leased.

The center’s value was estimated at $135 million during its construction.

The 11-acre retail center is part of the larger 31-acre Pacific City development, which also includes the recently-opened Paséa Hotel & Spa and an under-construction apartment complex.

The new partnership “is designed to successfully own, operate and evolve Pacific City for many years to come,” said Eric Sahn, chief financial officer for DJM, in a statement.

DJM completed a similar deal last year for its Bella Terra shopping center in Huntington Beach. That transaction saw a 75% stake of the 840,000-square-foot center sold to the real estate investment division of Newark, N.J.-based Prudential Financial for undisclosed terms, while DJM retained the remaining 25% stake in the property.

TIAA Global Asset Management provides investment advice and portfolio management through Teachers Insurance and Annuity Association and more than a dozen affiliated registered investment advisers, and manages $889 billion in assets.