A private partnership from San Francisco bought Encore Plaza at1515 N. Gilbert Rd. in Gilbert from Cornerstone Development ofLaguna Niguel, CA. The buyer turned around proceeds from amultifamily holding in San Francisco, besting nine others in thechase for the retail center. "The highest offers were all fromCalifornia," Dennis Vaccaro, director of Faris Lee Investments inIrvine, CA, tells GlobeSt.com about a sale that brought 99% of thelist price in less than 30 days on the market.

Encore Plaza is just the latest in a string of sales in themetro as Californians opt for greener grass on the other side ofthe line. "The highest priced payers are all coming fromCalifornia," Vaccaro says. The inducement is an 8% cap rate insteadof 4%. Matt Horner of Re/Max Central Santa Rosa represented EncorePlaza's buyer.

Cornerstone Development bought Encore Plaza, built in 1988, inthe early 1990s and expanded it in 1995. The 6.1-acre asset's saleincluded one of two out-parcels, a restaurant leased for the longterm to the Philiberto's chain. Vaccaro says a couple leases willroll each year on the 20-tenant roster. The average rent is $1.30per sf, triple net. Case Huff & Associates of Phoenix willcontinue to manage the holding, according to Vaccaro. HollywoodVideo and Countrywide Mortgage Co. anchor the plaza.