The buyer acquired the property from developer CIM/Brea Inc., an affiliate of the Hollywood-based CIM Group, in a transaction brokered by Irvine-based Faris Lee. Located at 110, 260 and 330 W. Birch St. the Village portion of the project is the last of 10 sales at the project over the past two years. Besides the 55,000 sf of retail, the Village at Birch Street includes 30 apartment units. Nicholas Coo of Faris Lee represented the seller, with Shaun Riley of Faris Lee Investments represented the buyer.

In all, Birch Street Promenade totals 400,000 sf of retail, apartments and office space, and is described by Rich Walter, president of Faris Lee, as the centerpiece in Brea's $100-million Downtown revitalization. Birch Street Promenade's anchor tenants include Edwards Cinemas, Old Navy and Tower Records. The anchor tenants were not included in the sale of the Village, where tenants include Skechers, Bath & Body Works and Chico's.

The Village deal includes three separate parcels with an 8.38% institutional conduit loan, Walter notes. The key to the sale was finding a buyer willing to assume a loan at a significantly higher interest than today's market.

The 10 property sales at the Birch Street Promenade have included seven transactions in which Faris Lee represented CIM/Brea Inc. The CIM project represents a "very successful redevelopment project" that has drawn businesses and residents back to the city's Downtown, Walter says.