July 21, 2016
New York-based TIAA Global Asset Management acquired a 70% stake in San Jose-based DJM Capital Partners’ Pacific City shopping center in Huntington Beach, CA for an undisclosed amount. TIAA bought a 30% interest from an unnamed private investor.
The 190,900-square-foot outdoor retail center was developed in 2015 and was valued at an estimated $135 million. Previously, Pacific City had secured $93 million in development financing for the project that is still being leased up.
The 11-acre retail center is part of a larger 31-acre Pacific City development. The project also includes R.D. Olson’s recently-opened Paséa Hotel & Spa and an apartment complex that’s under construction.
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