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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.
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.