PSP Investments and Nuveen Real Estate Launch Joint Venture with US$790 Million in Open-Air Shopping Center Investments Acquired Across the U.S. to Date
Partnership Closes on US$790 million Initial Portfolio of Necessity-Based Retail Properties with Plans for Continued Growth
NEW YORK and MONTRÉAL, Oct 21, 2026 /PRNewswire/ — The Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investors, and Nuveen Real Estate, one of the largest real estate investment managers globally, today announced the launch of a joint venture with an initial investment of US$790 million to acquire open-air shopping centers across the United States.
The investment strategy is demographically driven, focusing on open-air shopping centers anchored by market or category dominant grocers, necessity-based retailers, and essential services that continue to demonstrate durable performance and resilient foot traffic. The joint venture targets U.S. metro areas with strong population growth, rising household incomes, and high barriers to entry, where well-capitalized retailers are actively seeking to expand.
To date, PSP Investments and Nuveen have closed on property acquisitions totaling 3 million square feet across 19 assets in Virginia, Arizona, Florida, Minnesota, Texas, California, Colorado, and Washington, in line with the joint venture’s strategy. Notable acquisitions include:
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The Shoppes of Lorton Valley is a 110,000-square-foot grocery-anchored neighborhood center in the affluent Washington D.C. suburb of Lorton, Virginia, anchored by Giant, a dominant grocery chain in the Washington, D.C. area.
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Las Tiendas Village in Chandler, Arizona is a 188,000-square-foot community shopping center in the Phoenix-Mesa-Chandler metro, anchored by Sprouts, a leading specialty, organic grocery chain and complemented by high-credit retailers.
Beyond these individual acquisitions, the joint venture has also completed two larger portfolio acquisitions, adding meaningful scale and geographic diversification, while still maintaining the grocery-anchored and necessity-based thematic focus. The first portfolio consists of six open-air shopping centers spanning approximately 801,000 square feet across top MSAs including Fort Lauderdale, San Diego, Orange County, Dallas-Fort Worth, Minneapolis, and Los Angeles. The second is an 11-property portfolio totaling approximately 1.9 million square feet across California, Colorado, and Washington. All assets in the respective portfolios are positioned at a high-traffic intersection or along a major corridor, providing strong visibility and convenient access for daily-needs shoppers.
