Vestar Announces Major Renovation of Peninsula Center in Los Angeles
Vestar announced today that they have started construction on a multi-million dollar renovation of Peninsula Center, a 300,000-square-foot retail center located on 24.7 acres in the affluent city of Rolling Hills Estates in Los Angeles County.
Acquired in 2013, the renovation will include a vehicular drive-through that will connect the two areas of the center, providing easier access and convenience; upgraded facades, store fronts and elevations; new signage; and improved drought-friendly landscaping. The renovation is expected to be completed by the end of 2016.
In addition to the renovation, Vestar has signed leases with several new retailers. The new retailers include:
- Sports Authority, a leader in providing a wide assortment of quality, brand-name sporting goods, will open a new 12,800 square foot store by November 2015.
- Ulta Beauty, the largest beauty retailer in the United States, will open a new 8,600 square-foot store by January 2016.
- Chipotle Mexican Grill, a national Mexican restaurant company, will occupy space in a newly constructed building with a grand opening planned for the first quarter of 2016.
- The Habit Burger Grill, a fast casual restaurant company, will occupy space in a newly constructed building with a grand opening for the first quarter of 2016.
“Vestar is focused on enhancing the shopping experience at Peninsula Center,” said Jeff Axtell, Executive Vice President at Vestar. “Our goal with the renovation and new tenants is to make this center the Peninsula’s prime retail destination.”
Located on the Palos Verdes Peninsula in the affluent city of Rolling Hills Estates, Peninsula Center is anchored by Pavilions, Rite Aid and TJ Maxx. The center also features other nationally recognized tenants including Bay Club and Petco. Peninsula Center is ideally situated along Hawthorne Boulevard, the South Bay’s primary north-south thoroughfare with 57,000 vehicles passing by each day, providing tremendous exposure and identity.