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LAKE ELSINORE, CA-Eastbourne Investments Ltd. of Williamsville, N.Y. has sold the Lake Elsinore Town Center, a 150,200-sf community center that Eastbourne acquired in August 1999.

Terms of the deal were not disclosed, but knowledgeable industry sources say the property sold for between $11 million and $12 million to a private individual.

The shopping center is shadow-anchored by Albertson’s and anchored by California Do-it Center, Rite Aid, and Renal Treatment Centers-California. Frank Egan, president of Eastbourne, tells GlobeSt.com that the center was about 80% occupied when Eastbourne acquired it. The center was built in 1987.

Egan tells GlobeSt.com that Eastbourne increased occupancy to 88% at the time of the sale and boosted rents by about 30%. The sale was brokered by Alan Krueger and Joe Cesta of Marcus & Millichap’s Ontario, Calif. office.

Eastbourne is a privately held real estate company with 13 properties under ownership in six states. Egan says the company is aggressively seeking anchored retail opportunities and/or retail development opportunities throughout the United States.

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