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LA MIRADA, CA-Tustin Springs LLC bought the 9,225-sf Plaza La Mirada retail shops at the northwest corner of Beach Boulevard and Hillsborough Drive for $2.659 million from Plaza La Mirada.

Jason Lind of Faris Lee Investments tells GlobeSt.com that the property sold for a cap rate of 7.5, relatively low for retail shops, but the buyer gladly took the deal at that cap rate to meet a deadline for a 10-31 exchange.

“Cap rates are more like 8.5 or 9 for this kind of property,” Lind tells GlobeSt.com, “This buyer was coming out of an apartment in Northern California and expected to find another apartment up there for the 10-31 exchange, but couldn’t.”

Lind and David Lee of Faris Lee Investments represented the seller, who developed the shopping center in 2000, while Randy Benson of South Coast Real Estate represented the buyer. The shops at Plaza La Mirada are part of a larger, 27,000-sf center.

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