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Real Estate/Development

Jan. 26, 2017

ShopCore acquires Shops at La Jolla for $168.3M

The 13-building, 170,000-square-foot retail center has an array of tenants, including Whole Foods, Aaron Brothers, TGI Friday's, Verizon Wireless, BJ's Restaurant, Chase Bank, Bank of America, Re/Max, and FedEx Office.

ShopCore Properties LP, a Blackstone Group subsidiary formerly known as Excel Trust, paid $168.34 million to acquire the Shops at La Jolla Village near the UC San Diego campus.

Greg Davis, a ShopCore vice president, said the purchase also included The Terraces, a 30-unit multifamily property located between the retail center's CVS Pharmacy and Nordstrom Rack.

The newly redeveloped property, including The Terraces complex, is situated on 135 acres.

"We own the apartment units...

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