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SANTA ANA, CA-New York-based Investcorp has bought the 165,537-sf Bristol Center community shopping center and has named CB Richard Ellis retail leasing specialists as leasing agents for the property.

Bristol Center is a multi-tenant property at the southeast intersection of Bristol Street and MacArthur Boulevard. It consists of seven one-story buildings and one site planned for a Krispy Kreme Doughnut shop. The property is 91% leased to a roster of retailers including Sav On, Kids R Us and Staples. Terms of the purchase of the center, formerly owned by a private investor, were not disclosed.

Investcorp has named Jeff Moore and Barclay Harty of the Anaheim office of CB Richard Ellis, as well as Richard Rizika and Kevin Hill of the CBRE Torrance office, as leasing agents for the center.

Although Investcorp has sold several retail centers from its portfolio, it believes Bristol Center is “a unique property that we believe will generate strong returns for our investors,” says F. Jonathan Dracos, an Investcorp managing director. Dracos notes that Investcorp previously owned and leased another retail property in Orange County, Imperial Center East in Brea, which the company sold in September. He notes that the deal was a value-added play after Investcorp retained a leasing team headed by CBREs Moore that filled the center.

Bristol Center is Investcorp’s fifth acquisition of 2003 and brings the firm’s total real estate acquisitions to more than $300 million this year. In addition to being an active real estate buyer, the firm has also sold approximately $206 million of real estate assets to date in 2003.

Investcorp invests in commercial, hotel and residential properties with strong cash flow and potential for medium-term capital gains. It oversees a portfolio with a current value of more than $1.8 billion in U.S. urban and suburban markets. In addition to investing in real estate, the company focuses on corporate investments, asset management and technology investments.

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