Voorhees tells GlobeSt.com that the selling price of approximately $548 per sf is among the highest ever paid for a strip center in this market and could well be the highest. Voorhees represented the seller, Realty Bancorp Equities of Woodland Hills. The buyer, who was in a 1031 Exchange from the sale of some apartments, was represented by Hyoung Chon of CB Richard Ellis Inc. in San Jose.

Voorhees says strip centers in this area usually sell for $200 to $300 per sf. He says this one captured the higher price because the property is 100% leased to credit tenants on long-term leases--and at "some of the strongest rents in the market." The tenants are Starbucks, Chipotle and Voice Stream. Starbucks and Chipolte are on 15-year leases and Voice Stream on a 10-year commitment.

The center is a single-story, wood frame and stucco building that was just completed in April. The property fronts Foothill Boulevard and is situated between Aspen and Spruce avenues.

The deal closed at a 7.4% cap rate, which is "an aggressive cap, but not mammoth," Voorhees said. "What we're seeing right now is that investors in exchanges are willing to pay aggressive cap rates for quality properties.