CERRITOS, CA-Private investors from Glendale doing business as Cerritos Best Plaza LLC have purchased the 360,000-sf Best Plaza Shopping Center from the Krausz Cos. of San Francisco for $57 million, according to Faris Lee Investments. Rich Walter, president of Irvine-based Faris Lee, says the 26-year-old shopping center attracted multiple offers. Walter and David Lee of Faris Lee represented the seller, with Debra Collins of Collins Commercial representing the buyer.Best Plaza, adjacent to the Los Cerritos Mall, was built in phases beginning in 1978 and ending in 1999, with access to the San Gabriel and the Riverside (91) freeways. The center consists of 11 buildings on 25.6 acres and was 100% occupied at the time of the sale. Tenants include Burlington Coat Factory, Big Lots, Office Depot, Levitz Furniture, Guitar Center and BJ’s Brewery.Faris Lee targeted private investors in marketing the center, Walter says, explaining that the brokerage expected that private investors would pay the best price for the property. He notes that institutions bid on the property as well. Walter described the center as “a unique opportunity for the buyer to acquire a multi-parcel, stabilized regional shopping center, with upside potential through selling off parcels.” The transaction is the latest example of private investors acquiring large assets in Southern California that formerly would have been too large for most private buyers. However, with the rise in values in the region’s commercial properties in recent years, private buyers are now bidding on significantly larger assets than in the past. Seller Krausz Cos. is the same owner that sold the Puente Hills Mall for $148 million last year in a tenant in common transaction brokered by Faris Lee. In that example as well, private investors pooled their funds to acquire an asset of a size that formerly would have been affordable only by institutional investors.

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