The center is located at 5555-5665 Santa Canyon Rd., off the Riverside Freeway at Imperial Highway. Ken McLeod of the West Los Angeles office of Grubb & Ellis tells GlobeSt.com that the property attracted 18 offers, all of them from private entities. He comments that the large number of offers reflects the strong investor demand for Orange County retail properties and the relative scarcity of properties on the market in comparison to the number of investors who are looking for them.
McLeod, who represented the buyer and the seller along with Parker Douglass of the West Los Angeles office of Grubb & Ellis, notes that about half of the prospective buyers were seeking a property for a 1031 exchange. For several years now, 1031 investors have been one of the groups driving strong investor demand for shopping centers in Orange County, which has led to substantial increases in prices in recent years.
The buyer of the Imperial Canyon Center was a local private investor who not only lives in the area but also owns other properties in the region. The center is occupied by a tenant roster including Wells Fargo, Sylvan Learning Center, Domino's Pizza, Edward Jones and Don Jose Restaurant.
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