LOS ANGELES–Ares Management, L.P. (NYSE:ARES) announced today that a real estate fund it manages, in partnership with Citivest Commercial Investments, LLC, has acquired Downtown Novato Center in Novato, California and Temecula Town Center in Temecula, California. Terms of the transaction were not disclosed.
Downtown Novato Center, located in the North Bay region of the San Francisco Bay Area, is a 98,000-square-foot retail center anchored by a Lucky Supermarket and including a CVS store. Temecula Town Center, located in Southern California’s popular wine region, is shadow anchored by the only Target store in the area as well as Vons supermarket and also features other prominent retailers including HomeGoods, CVS, and 24 Hour Fitness.
“Both of these retail centers are very well-located in their respective markets, which rely on the quality tenants for everyday retail needs in an otherwise supply-constrained area,” said Steve Wolf, Partner in the Ares Real Estate Group. “We are excited to be partnering on these investments with Citivest Commercial, a real estate manager with proven expertise and success in commercial and retail investments throughout the U.S., and especially in California.”
Ares is a publicly traded, leading global alternative asset manager with approximately $92 billion of assets under management as of September 30, 2015 and more than 15 offices in the United States, Europe and Asia. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its four distinct but complementary investment groups in Tradable Credit, Direct Lending, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole. For more information, please visit www.aresmgmt.com.
About Citivest Commercial Investments, LLC
Citivest Commercial Investments (Citivest) is a related company to Citivest, Inc. The Citivest partners are Dana Haynes, Dwight Belden and Larry Weese. Headquartered in Newport Beach, California, Citivest is a privately held owner, operator and developer of commercial real estate. The company’s executives, each with over 25 years of retail experience, have an extensive multi-cycle track record in the retail sector with a focus on value-add acquisitions and repositions along with select ground-up development projects. Citivest is a proven buyer of value-add and opportunistic retail properties across the Western US, with a particular focus on high barrier to entry submarkets in California. The company’s value-add asset strategy leverages the firm’s leasing relationships, development capabilities and asset management strength. To date, the Principals of Citivest have generated nearly $1 billion in value-add/opportunistic retail property transactions.