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NORTHBROOK, IL-The 334,955-sf Village Square shopping center has been sold by the state of Florida and Lend Lease to California-based RP Properties in a deal believed to be worth $100 million. The deal was part of a Section 1031 exchange for the buyer.

The five-building center is 100% occupied with a tenant roster that includes The Container Store, Nordstrom Rack, Circuit City, Old Navy, The Sports Authority and Linens ‘N Things. Average household income in the area is $185,000.

Richard J. Walter and David Lee of Irvine, CA-based Faris Lee Investments represented RP Properties along with Tim Baydala of Pearson Partners. It is the first deal brokered by Faris Lee Investments outside its primary territory, the Western US.

“Recently, our commitment to our clients has taken us into new markets and we expect that this is only the beginning,” Walter says.

The advisory and brokerage firm specializes in retail properties.

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