Rockwood Capital and Vestar sell Talega Village Center in San Clemente, Calif. for $23 Million
Rockwood Capital and Vestar announced today that they sold Talega Village Center, a 102,282 square foot grocery-anchored center located in an upscale subdivision of San Clemente to Equity One for $23 million. Rockwood Capital originally developed the project, and Equity One and Vestar bought an interest in the center in December 2010.
“We decided to sell Talega Village Center because the market conditions and value add we completed made it an ideal time to realize some profit,” said Jeff Axtell, Executive Vice President of Vestar. “In three short years, we were able to enhance the experience at the center, bringing in new retailers and adding amenities while creating a premier destination for the community.”
Axtell says that Vestar continues to pursue the acquisition of value-add retail investment opportunities. In the past 30 months, the firm has acquired more than $1 billion in retail properties in the western United States.
“We are pleased with the successful revitalization of this property, which exemplifies our strategy of investing in well-located real estate that offers value to our investors,” said Joel Mayer, Managing Director and Head of Retail for Rockwood. “Talega Village Center is one of several projects we have done together with Vestar and we look forward to continued positive results on other transactions in the future.”
Palmer Capital represented the sellers in the transaction.