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MISSION VIEJO, CA-Westwood Financial has paid $15 million for the Gateway Center retail complex here and is planning to renovate the 82,000-sf property.

The property covers stands at 23972-24042 Alicia Parkway. It was built in 1979 and its key tenants include Taco Bell, Starbucks, Coco’s Restaurant and Washington Mutual.

Privately held Westwood Financial also plans to make upgrades to the property, says Dennis Vaccaro, the Faris Lee Investments broker who represented the buyer in the transaction. Jim Fisher of Barry Powell & Associates spoke for the seller, Farallon Gateway Ltd.

The Mission Viejo transaction follows the $15.7-million sale of another Orange County retail complex, a 155,245-sf big box retail complex in Santa Ana, that was reported by GlobeSt.com earlier today. The property, which is occupied by Home Depot and Staples, was acquired by Southland-based Waco Corp. from Dallas-based developer North American Properties.

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