The Public Sector Pension Investment Board (PSP Investments) and Nuveen Real Estate have launched a joint venture with an initial investment of $790 million to acquire open-air shopping centers across the United States.
The investment strategy focuses on open-air shopping centers anchored by leading grocery retailers, necessity-based retailers and essential services. The joint venture is targeting U.S. metropolitan areas with strong population growth, rising household incomes and high barriers to entry.
PSP Investments and Nuveen have completed acquisitions totaling approximately 3 million square feet across 19 properties in Arizona, California, Colorado, Florida, Minnesota, Texas, Virginia and Washington.
Notable acquisitions include The Shoppes of Lorton Valley, a 110,000-square-foot grocery-anchored neighborhood shopping center in Lorton, Va., anchored by Giant, and Las Tiendas Village, a 188,000-square-foot shopping center in Chandler, Ariz., anchored by Spro
