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SAN DIEGO-Investor Gregg Sindici has invested the proceeds from two recent multifamily sales to purchase a 60,527-sf portion of the Town Center Square Power Center located in Rancho Cucamonga.

Built in 1994 by Lewis Homes, the shopping center stands at 110270-11090 Foothill Blvd. Rancho Town Center acquired the asset this past February and has since been selling off individual parcels to separate investors. Barnes & Noble and Office Max currently occupy the portion that has been purchased by Sindici. He was represented by Jon Busse of Colliers International in the transaction.

Sindici raised part of the funds for the retail acquisition through the sale of two multifamily assets. He sold one property, known as the Arroyo Villas complex, as general partner of Burlingame West this past April. The 36-unit apartment community, which is located at 1060 Vale Terrace in Vista, sold for $3.8 million. The other asset, known as The Downs apartments, just recently traded hands for $3.4 million. Sindici, as general partner of San Luis Rey Partners, unloaded the property to buyer G5 Enterprises, which plans to convert the projects 30 apartment units into condominiums. Busse represented both G5 Enterprises and San Luis Rey Partners in the transaction.

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