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AEW Capital affiliate buys retail plaza in Upland, Calif., for $49M

An affiliate of asset manager AEW Capital Management LP acquired a 10-acre retail plaza in Upland, Calif., from a joint venture of GPI Cos. and LStar Ventures for $49.2 million, a record high for the submarket, The Real Deal reported.

AEW Capital LLC bought Sycamore Hills Plaza in late January, the news outlet reported, citing property records.

The property is anchored by a Whole Foods 365 store, CVS Pharmacy, Starbucks and Orangetheory Fitness, among others, according to the report.