FOUNTAIN VALLEY, CA-US Millennium LP of Huntington Beach purchased the 220,000-sf Fountain Valley Town Center at the southwest corner of Brookhurst Street and Edinger Avenue from Lestralaur Fountain Valley Partners Ltd. of Washington State, according to Irvine-based Reza Investment Group.Reza Etedali, founder and president, tells that the center consists of eight separate, single-story buildings that were 92% occupied at the time of the sale. Etedali represented both the buyer and the sellers, who had owned the property for approximately 20 years. The shopping center, which was built in the early 1980s, is anchored by Albertson’s and Drug Emporium, with other national retailers that include Petco, Factory 2-U, Starbucks, Pizza Hut, Blockbuster, Burger King, Denny’s and Fantastic Sams.Etedali says the asset attracted significant interest from both institutional and private investors, drawing approximately a dozen offers. He says demand for this asset, as well as the interest that buyers are showing in a number of other grocery-anchored centers currently being marketed by his firm, illustrates that grocery-anchored shopping centers are still the product of choice for many real estate investors.Having a dozen offers is not unusual for an Orange County retail property, according to Etedali, who points out that retail assets in the county generally trade less often than those in other parts of Southern California because Orange County owners tend to hold onto their properties. Of the $250 million in retail properties his firm has listed, Etedali says, 80% of them lie outside of Orange County–even though Reza Investments is Orange County-based and focuses on retail properties in the county. The reluctance of investors to sell retail assets in the county, Etedali says, illustrates how valuable the owners consider the properties.

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