The buyer of the center acquired it with proceeds from an apartment property in a 1031 Exchange, according to Reza Etedali and Fouy Ly, both with Sperry's REZA Investment Group. The Sperry brokers represented the buyer and the sellers, who had owned the property for three years.
Park Pointe, built in 1988, was 100% occupied at the time of the sale. The shopping center consists of three buildings of wood frame and stucco construction. They are occupied by a variety of tenants, including Sunshine Bookstore, Fast Frame and Oggi's Pizza. The center is in central Mission Viejo, in a fully developed area close to residential developments, freeways and the major thoroughfares within the community.
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