Investec raises $130 million for acquisition of West Coast retail
Santa Barbara, Calif. -- Investec announced it has raised $130 million for acquisition of grocery- and drug-anchored centers located in the coastal region of California.
Investec currently owns and manages over two million sq. ft. and $650 million of shopping centers in California.
According to Ken Slaught, Investec’s founder and president, “Investec will continue its focus on best-in-class neighborhood shopping centers, anchored by dominant grocers and pharmacies."
In February 2010, Investec acquired a 100,000-sq.-ft. Ralphs and CVS/pharmacy-anchored center, The Plaza at Sunbow in San Diego, for $21 million. In October 2009, Investec completed the development of Gene Autry Plaza, a new $17.5 million, 60,000-sq.-ft. shopping center in Palm Springs, Calif., and celebrated the grand opening of the first ground-up Smart & Final Extra! store in California. The center also includes Staples and 11,500 sq. ft. of shop space.