Makena Capital has paid nearly $1 million for the parcel, whichis located at 13931 Redhill Ave. The developer plans to build a6,800-sf retail facility here, with completion slated for April2002, says Blake Woodward, who worked on the deal. Starbucks Coffeeand Subway have already been secured as tenants for the building,which will also house a dry cleaner's shop and other retailestablishments.

Makena Capital was represented by Woodward and Andrew Buie of CBRichard Ellis' Anaheim office.

Although still holding steady, the Orange County's retail sectormay face some challenges in the months ahead, according to a recentreport by Marcus & Millichap Real Estate Investment BrokerageCo. Rents are expected to level off from last year's highs, due toan abundance of space coming onto the market and the slowdown inthe economy, the report says. Meanwhile, the overall vacancy rate,which currently stands at 5.3%, is expected to slowly start toincrease to 6%.