Bristol Center Brings Nearly $21M

Ryan Litrich of Sperry Van Ness in Irvine reports that the center was 100% leased at the time of the sale. Litrich represented the buyer, with BMP Associates representing itself. The property, renovated in 2004, is adjacent to Santa Ana Community College. Besides Kohl's, which recently signed a new 25-year lease, it is occupied by UPS Store, Sprint, Countrywide Home Loans and a dentist.

The Bristol Marketplace transaction was one of a series of sales and new developments of retail properties in Orange County and the Inland Empire of late. In Murrieta, Capital Income Properties Group reports that it expects to complete the 53,000-sf final building in July and have it ready for occupancy by September at Madison Marketplace, a community retail center at the I-15 Freeway and Madison Avenue. Tenants at the center include Denny's, Quiznos Sub, Chuy's, Subway and Cold Stone Creamery.

Scott Silverstein of Lee & Associates reports that Banderas Plaza in Rancho Santa Margarita sold to RP Banderas LLC in a 1031 exchange for $6.4M. Opened in 2002, the fully leased 13,700-sf center is at the intersection of Avenida de las Banderas and Avenida de las Flores, adjacent to the 241 Corridor overpass. Silverstein and Chris Dorland of Lee represented the buyer, with Dennis Vaccaro of Faris Lee Investments representing the seller, K & G Banderas LLC.

In Fontana, Covenant Development has purchased 10.5 acres of vacant land on Sierra Avenue from Fontana Universal Self Storage for $3.1 million in a transaction brokered by Steve Sanders, Dave Stolte and Dan Walsh of NAI Capital. NAI reports that the buyer plans a mixed-use development at the site. The seller was represented by Bob McGraw and Dennis O'Donnell of Sperry Van Ness.