LACERA sells Rhode Island shopping center for $181m

The Los Angeles County Employees Retirement Association (LACERA) has sold a 530,629-square-foot shopping center in Cranston, R.I., to a major New England–based retail developer for $181 million.

The pension fund could not be reached to comment on the transaction.

Garden City Center, an outdoor retail center with tenants such as L.L. Bean, Crate & Barrel, Lululemon, Williams Sonoma and Whole Foods, has been owned by LACERA since 1998. Back then, TA Associates Realty purchased the property on behalf of LACERA, before transferring property management duties to DWS.

The shopping center is centered between two major highways and located 10 minutes from Providence, R.I., and minutes from T.F. Green Airport, according to WS Development. The property was first opened in 1948.

Retail develope