Both the buyer and the seller were represented by Eric L. Wernerand Kevin T. Fryman of Hanley Investment Group. Built in 2000, thecenter is anchored by a Wal-Mart that was not a part of the saleand Foods Co. (Kroger), along with a number of other nationaltenants.

Werner says that identifying a buyer quickly was significant infacilitating the sale to meet the seller's investment goals. Inaddition, he says that the seller's expediting of the defeasance ofan existing loan on the property in a short time-frame, combinedwith the buyer's capability to pay all cash and close in 14 days,helped achieve both parties' goals.

Fryman notes that finding quality grocery-anchored shoppingcenters for sale in today's market is becoming increasinglychallenging. He explains that the buyer had been looking for agrocery-anchored shopping center in California for weeks before theLompoc Corners deal.