In a joint venture, Phoenix-based real estate company Vestar and UBS Global Asset Management acquired the 300,000-square-foot retail center anchored by such stores as Pavilions, Rite Aid and TJ Maxx from Principal Life Insurance. Mayer’s Bakery and Bon Bon Island are two local retailers in the center.

“Peninsula Center is one of the premier retail centers in Los Angeles, and we are excited to be adding it to our portfolio,” said Vestar Vice President of Acquisitions and Development Jeff Axtell.

Vestar President Rick Kuhle called the center a “value-added investment opportunity.”

According to the news release from Vestar, the center is 88 percent leased; however, several retailers have pulled out recently, including longtime tenants Burger King and Hallmark Peninsula Stationers.

“Our goal is to significantly upgrade the center with new landscape and amenities while bringing in new retailers,” Kuhle said.

In a separate news release, Peninsula Center marketing consultant Susan Brooks said, “The Palos Verdes Peninsula is fortunate to have an owner highly committed to establishing ‘a sense of community’ through events such as (the Easter egg hunt).”