John Rothwell of the Newport Beach office of Daum says the property, a single-story, Mission-style center, was nearly fully occupied at the time of the sale. The buyer acquired it with proceeds from a 1031 Exchange property. Rothwell represented Edron, with Charley Simpson and Dan Samulski of Grubb & Ellis Co. representing the seller.
Earlier, Rothwell and Paul Gingrich of Daum's Anaheim office sold a 14,000-sf industrial building in Orange, CA on behalf of Edron as the first leg of the 1031 Exchange.
Rothwell says retail centers are in such demand, by 1031 buyers and other investors as well, that the centers are selling either before or soon after they go to market. If the centers are at all desirable, he says, they are under contract the week they go on the market.
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