Barings has paid $66.2 million for Village Center at Rose, a 118,876-square-foot grocery-anchored shopping center in Placentia, Calif.
“The acquisition of Village Center at Rose, anchored by a dominant grocer, further advances our strategy to invest in necessity-based retail, with a focus on strengthening portfolio income durability and cash flow visibility,” said Kevin Miller, Barings’ head of U.S. real estate acquisitions. “The property’s established tenant base, strong occupancy and location in a supply-constrained market align well with our investment approach.”
Located at 600–858 N. Rose Drive, Village Center at Rose is fully leased and anchored by Ralphs, a tenant since the property was built in 1996. Eighty percent of the center’s tenants have occupied space for more than 10 years. Other tenants include Chase Bank, The UPS Store, Jersey Mike’s Subs and Carbon Health. The property spans approximately 10.15 acres in Orange County.
