Walter says that the center, which is occupied by a Ralphs and aCVS drug store, drew strong investor interest from 11 bidders thatranged from "every category of buyer, from institutional toprivate" because it is such a quality property in a qualitylocation. "Everybody wanted this deal," the Faris Lee presidentsays.

The two-building center is at the southwest corner of VictoryBouleard and Buena Vista Street at 2500–2600 W. Victory Blvd. Itwas built in 1998 and is situated on 6.37 acres. The surroundingBurbank area is regarded as one of the most desirable and provenareas in Southern California.

The buyer was Los Angeles-based AMC Associates LLC, whichacquired the center from Univest Development Group of Scottsdale,AZ. Walter says that AMC Associates worked hard to win the dealbecause the property met AMC's exchange requirements perfectly.Walter points out that despite the upward pressure on cap rates intoday's changing market, the 5.58% cap rate is one of the lowestever paid for a market/drug-anchored shopping center in Los AngelesCounty.

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