BARSTOW, CA-SJ Levy Co. of Santa Monica has purchased the Factory Merchants Outlet from New York-based New Plan Excel Realty Trust Inc. for $12.5 million, according to Faris Lee Investments of Irvine. The 330,310-sf outlet center, which is 47% leased, is at 2552 Mercantile Way and is occupied by tenants such as Guess, Oshkosh B’ Gosh, Dress Barn, Pacific Sunwear, and Timberland. Factory Merchants is situated on almost 49 acres and is just off Interstate 15 and Lenwood Road, across the street from the Tanger Outlet Center, at one of the busiest intersections in the Inland Empire. The seller was represented by Richard Walter and Donald MacLellan of Faris Lee, with the buyer represented by Pooya Dayanim and Fred Nikbakht of Beverly Wilshire Realty. Walter says the vacancy at the center presents “significant upside potential with low rents and the flexibility to upgrade the exterior of the project with new signage.” The center’s location as well as its proximity to Las Vegas and Los Angeles allows for a future renovation and repositioning, Walter adds.The outlet mall was one of three recently closed Inland Empire retail properties. The others include the 8,786-sf Mountain Village Entertainment Center in Ontario, which sold for nearly $4.5 million, and the $3.6 million sale of 27,825-sf Foothill Marketplace in Rialto.In the San Bernardino transaction, Villa de Wright LLC bought the entertainment center from Yacoel Investments LLC, reports Brian Garrigan of REZA Investment Group, who represented the seller. The property is on the northwest corner of Mountain Avenue and Sixth St. and consists of a single-story building with other major retailers that include Quizno’s, Cold Stone Creamery, Magic Dragon, El Gran Burrito, and New Orleans Express. The sales price of more than $500 per sf “is a testament to the level of interest that Inland Empire retail properties receive,” Garrigan says. The buyer was represented by Turturici Properties.In the Rialto transaction, Brad Umansky of Sperry Van Ness reports that Broadview One LP acquired the center at the northwest corner of Foothill Boulevard and Lilac Avenue from Irvine-based Foothill Marketplace Ltd. Umansky represented the seller, with the buyer represented by George Barkhordarian, an independent broker. The property sold at full price because it provided the investor with the opportunity to purchase shop space in a grocery-anchored center, Umansky says. The center was built in 1988 and consists of two 12-unit buildings located between the 10 and 210 freeways. The marketplace is 95% leased to such tenants as Arrowhead Credit Union, Cost Bargain Discount Store and Wonder Bread.

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