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Affiliate of Insurer Zurich Buys Eastlake Retail Center for $51 Million

New York City-based Zurich Alternative Asset Management LLC has acquired The Marketplace at Windingpark retail center in Chula Vista’s Eastlake neighborhood for $51 million, according to real estate services firm Newmark Grubb Knight Frank (NGKF).

The seller of the 104,206-square-foot property, on 9.3 acres at 1754-2160 Eastlake Parkway, was Aliso Viejo-based Shea Properties, represented by NGKF’s Pete Bethea, Rob Ippolito and Glenn Rudy.

An NGKF statement said the buyer, which represented itself, is an alternative investment adviser to insurance firm Zurich North America and its affiliates, responsible for the group’s hedge fund, private equity and U.S. real estate investments.

Headquartered in Switzerland, Zurich is among the world’s largest insurance companies, with approximately $200 billion in investments on its balance sheet.

Brokers said The Marketplace at Windingpark was 96 percent leased at the close of escrow, with tenants including Vons, In-N-Out Burger, Wells Fargo and Bank of America.

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