Phoenix-based Vestar buys Calif. retail center for $84.8M

Phoenix-based retail property developer and management firm Vestar has acquired a nearly half-million-square-foot retail center in Riverside, Calif., for $84.8 million, the company said Wednesday.

The acquisition of Riverside Plaza, a 475,211-square-foot retail center on 35 acres, was a joint venture with a fund advised by Swiss mutual-fund manager UBS Global Asset Management, the company said.

Read more: Phoenix-based Vestar buys Calif. retail center for $84.8M