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MURRIETA, CA-Two separate buyers have acquired two retail properties here and in Riverside, while Regency Centers has acquired a parcel in Indio for a new shopping center as the Inland Empire retail market continues to grow both in terms of new development and investment. In the Murrieta deal, a private investor from La Canada who was a 1031 buyer paid $2.2 million at a 5.9% cap rate for a 3,354-sf net-leased Fazoli's Restaurant at 40476 Murrieta Hot Springs Rd.

Richard Walter, president of Irvine-based Faris Lee Investments, comments that the deal is the latest in a long series of single-tenant transactions that "are testimony to the growing value of retail investment properties throughout the Western US." Properties under the $5 million mark "are highly sought after by small, private investors that are willing to pay top dollar for strong credit tenants in established areas that continue to see population growth and strengthening economies," Walter says.

The Fazoli's is part of the Sam's Club Center/Murrieta Plaza. The seller, a limited partnership from Orange County, was represented by Jeff Conover and Nicholas Coo of Faris Lee. In the Riverside deal, Marcus & Millichap reports that an Orange County-based investment group bought a $3.1 million center of approximately 28,700 sf on the east side of the 91 Freeway near the Galleria at Tyler regional mall from another private investor.

The transaction was brokered by Sid Kitisakkul of Marcus & Millichap's Ontario office. The buildings were constructed between 1975 and 1985 and offer upside to the new investor through rehab of the property and rent increases, according to Kitisakkul.

In the Indio transaction, Regency Centers closed on the purchase of a 65.5-acre parcel of land slated to be developed as a 631,479-sf shopping center. Jim Reuter, VP of investments for Regency Centers, says the center will be anchored by Home Depot and a grocer and will also include a 24-hour fitness center, Staples, Petco, Jack in the Box, McDonalds and PFF Bank.

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