Illinois Buyer Expands in California

PLACENTIA, CA-Inland Western Retail Real Estate Trust Inc. of Oak Brook, IL has completed its fifth acquisition in California with the $24.9-million purchase of 110,962 sf of the 142,666-sf Placentia Town Center. The property is at the southwest corner of Yorba Linda and Kramer boulevards. Joe Cosenza, chairman of Inland Real Estate Acquisitions Inc., which negotiated the transaction for Inland Western, says the deal fits the firm's focus on properties west of the Mississippi River. Inland bought the property from Costa Mesa-based Donahue Schriber Realty Group, which was represented by Dirk Van Wyk of Donahue Schriber. The shopping center is anchored by Ross Dress for Less, OfficeMax and Bank of America. Other tenants include Baskin Robbins, Bagel Me and Wok Experience.Inland Western, which has gone from zero to more than 80 properties in about a year, is part of the Inland Real Estate Group of Cos., which comprises independent real estate investment and finance companies doing business nationwide. The Inland purchase was one of two retail property sales to close recently in Orange County, where Remarc Management bought the 25,537-sf El Rancho Plaza in Anaheim Hills from Fairmont Plaza Partners LLC for $7 million in a transaction brokered by the Hanley Brown Group. Edward Hanley, Gregory Brown and Jeremy McChesney of Hanley Brown Group, represented the buyer and the seller. The retail strip center is situated on a 2.4-acre parcel at the intersection of Santa Ana Canyon Road and Fairmont Boulevard. It is 100% occupied by tenants including Capone's Italian Restaurant, Hibachi Steak House and South Coast Bank.