Nuveen, PSP Investments Form $790M Retail JV

October 22, 2026

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The joint venture has already purchased 19 assets.

The Public Sector Pension Investment Board and Nuveen Real Estate have launched a joint venture with an initial investment of $790 million to acquire open-air, necessity-based retail centers across the U.S. The joint venture has already acquired 19 properties totaling 3 million square feet across eight states.

The partnership is targeting metro areas with strong population growth, rising household incomes and high barriers to entry—where well-capitalized retailers are seeking to expand. Initial investments were made in Virginia, Arizona, Florida, Minnesota, Texas, California, Colorado and Washington.

The partnership is focusing on open-air shopping centers anchored by market- or category-dominant grocers, necessity-based retailers and essential services. Grocery-anchored shopping centers offer resilience across various business and economic cycles because they are driven by consistent consumer demand for essential goods and services, according to officials at both firms.

Julien Roy-Décary, managing director, Real Estate Investments, Americas at PSP Investments, said in prepared remarks Nuveen brings sourcing reach and operating depth to the joint venture.

Citing PSP Investments’ long-term capital capabilities, Brian Wallick, portfolio manager, retail, at Nuveen Real Estate, stated the combination of scale, relationships and local execution positions the joint venture to be a strong player in one of the most stable and defensive segments of retail real estate.

Inside the acquisitions

One of the joint venture’s acquisitions is The Shoppes of Lorton Valley, a 110,000-square-foot grocery-anchored neighborhood center in Lorton, Va., outside Washington, D.C. The property is anchored by Giant. The shopping center at 8919 Ox Road was purchased in September 2025 from JBG Smith for approximately $53.3 million, according to Yardi Matrix data. The same source shows a roughly $31.2 million five-year loan was originated by Nationwide for the asset in October 2025.

In addition to Giant, other tenants include Verizon, Popeye’s, Starbucks, Jersey Mike’s Subs, Five Guys, Club Pilates, Divine Nail Spa and Lorton Valley Barber Shop.

Additionally, the joint venture acquired Las Tiendas Village, a 188,000-square-foot community shopping center in Chandler, Ariz., anchored by Sprouts, from the Arizona Retirement System in September 2025 for $50 million, according to Yardi Matrix information. Bank of America originated a $35 million loan for the purchase a month later, the same source shows.

Other recent retail deals

Nuveen has also been active in the retail sector, completing several acquisitions in recent months. Last month, the company acquired Highpoint Marketplace, a 113,833-square-foot retail center in Aurora, Colo., for $36.3 million from Gerrity Group in September, according to Yardi Matrix information. The three-building property opened in 2001 on nearly 15 acres southeast of downtown Denver. The retail center is anchored by Safeway and also has fitness, beauty, health and dining tenants such as Wendy’s.

Earlier in the year, Nuveen purchased a seven-property retail portfolio totaling 956,865 square feet for $298 million, according to public records. The seller was Sterling Organization, which disposed of the properties on behalf of the Sterling Value Add Partners II and Sterling Value Add Partners III funds. The retail centers are located across several metros, including Los Angeles, San Diego, Dallas, Fort Lauderdale and Minneapolis.