BURBANK, CA-A 1031 exchange buyer has paid $28.75 million at a 5.58% cap rate in an all-cash deal for a 66,070-sf neighborhood center here, according to Irvine-based Faris Lee Investments. Faris Lee president Rich Walter, who represented the seller along with director Shaun Riley of Faris Lee, tells GlobeSt.com that the deal “didn’t really go hard until after the meltdown of CMBS market,” but financing was not an issue because the buyer paid all cash.

Walter says that the center, which is occupied by a Ralphs and a CVS drug store, drew strong investor interest from 11 bidders that ranged from “every category of buyer, from institutional to private” because it is such a quality property in a quality location. “Everybody wanted this deal,” the Faris Lee president says.

The two-building center is at the southwest corner of Victory Bouleard and Buena Vista Street at 2500–2600 W. Victory Blvd. It was built in 1998 and is situated on 6.37 acres. The surrounding Burbank area is regarded as one of the most desirable and proven areas in Southern California.

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