UBS Global Asset Management has acquired a shopping center in San Francisco’s Bay Area. According to a statement, an account advised by the US real estate business of the Swiss financial services giant has bought Downtown Pleasant Hill Shopping Center, a 345,687-square-foot shopping center in Pleasant Hill, California, from Loja Real Estate for approximately $100 million.
“We are delighted that UBS is involved with this asset,” said Tom Engberg, chief executive officer of Loja Real Estate, a Walnut Creek, California-based real estate investment management firm. “They understand the value of this property as a community asset for the town of Pleasant Hill.”
Located in the community of Pleasant Hill in the San Francisco Bay Area, Downtown Pleasant Hill is the central business district for the town. Loja purchased the asset in 2010 from a joint venture between Prudential Real Estate Investors and DDR for $81 million, according to data provider Real Capital Analytics. The mall is 98 percent leased to such retail tenants as Lucky Stores, Bed Bath & Beyond, Ross Dress for Less, Michaels Arts & Crafts and Century Theaters.
Headquartered in Hartford, Connecticut with regional offices in San Francisco and Dallas, the US real estate business of UBS Global Asset Management has approximately $20.2 billion under management. In addition to its US real estate business within UBS Global Asset Management, Global Real Estate manages investments in Europe, Asia and Australia, totaling approximately $65 billion in real estate and real estate securities worldwide.