Remodeled Centers Command $42M

Aaron Bettencourt, managing director of transactions for REZA Investment, tells GlobeSt.com that the Murrieta deal included an assumable loan at 5.3%, a lower rate than is generally available now. The center is called Sierra Vista Plaza and is located at 25030 Hancock St. in Murrieta, at the southwest corner of Los Alamos Road and Interstate 215, with signs visible from the freeway.

The buyer of the Sierra Vista property was an out-of-state real estate group that acquired it from an Orange County-based private real estate company that had owned it for about five years. The 50,000-sf portion of the 130,259-sf center that was not part of the sale is a Stater Bros. supermarket.Tenants in the portion that sold include Sav-On Drugs. All of the space except for about 6,800 sf was occupied at the time of the sale. The property garnered 15 offers from bidders that ranged from individuals to larger investment groups.

[IMGCAP(2)]The Redondo Beach property that sold is a Ralphs at 1413 Hawthorne Blvd. In 1998, Ralphs debuted its Marketplace Supermarket concept at the location, which is a 24-hour market that features a drive-through pharmacy, a bookstore, a dry cleaner, a hot Asian food counter and sushi prep station, expanded prepared food counters, an extensive "bistro" menu, Union Bank of California and the Coffee Bean & Tea Leaf.

The buyer was a private 1031 exchange investor that was looking for "a stabilized, infill investment with low management requirements," according to Ramez Barsoum, a managing director at REZA Investment. Barsoum and Etedali represented both the buyer and the undisclosed seller in the deal, which was an all cash transaction that closed within a 15-day due diligence and a 30-day escrow.