"The seller is in Newport Beach, and had it for about 13 years. He wanted to sell this and buy something closer to where he was located," explains marketing and escrow coordinator George Felix with Marcus & Millichap Real Estate Investment Services Irvine office. Seller Towne Park Plaza LP was represented by vice president and senior director Scott Hook with Marcus & Millichap's Irvine office. Hook and senior associate Sam Medford with Marcus & Millichap's Santa Fe, NM office, represented the buyer.

Joe Cesta, Marcus & Millichap's Newport Beach office regional manager says the 16-year-old asset at 300-370 Eubank Blvd. was on the market for 30 days, and attracted around half a dozen offers. "The buyer made the best offer for the property, plus they have a strong history of closing," Cesta tells GlobeSt.com. "The buyer liked the fact that it had a lot of national credit tenants and that the Super Wal-Mart was a shadow anchor."

The center's tenants include Sam's Club, Office Depot, PetSmart, Game Stop and Sally Beauty Supply. Cesta says the rents are slightly below market, but the appeal of the center was it was a stable asset with a good income flow. The Sam's lease expires in 2012, and a lease for one of the smaller shops was extended for about a year, but that's pretty much it in terms of roll.

"This is one of the largest centers in the southeast quadrant of Albuquerque," Cesta says. "The fact we were able to get a California buyer for a New Mexico property shows confidence in the asset and shows deals can still get done, as this was a cash-to-new-loan transaction." The buyer obtained the acquisition loan through a life insurance company.