PGIM Real Estate and DJM Capital Partners have bought a 105,000sqft grocery-anchored retail centre in California for an undisclosed amount.

The companies said the acquisition of the Bridgeside Shopping Center in Alameda marks the third partnership between the two firms.

PGIM Real Estate and DJM are currently partners at Bella Terra, an 852,000sqft, mixed-used lifestyle centre located in Huntington Beach, California and also at Long Beach Exchange, a 246,500sqft grocery-anchored retail centre in Long Beach, California.

“We are excited to expand our portfolio with PGIM in Northern California as we continue to execute our plan to grow assets under management, said DJM president Lindsay Parton.

“Our long-standing partnership has been built on DJM’s ability to unlock value as a best-in-class retail operator.”

To read the latest edition of the latest IPE Real Assets magazine click here.