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ESCONDIDO, CA-Passco Real Estate Enterprises Inc. has sold Country Corner Shopping Center to a locally based private investor for $8.8 million, approximately four and a half years after acquiring the 106,389 sf retail center. Passco, a tenant-in-common specialist, reports that the neighborhood center at 601-675 N. Broadway was 99% leased at the time of the sale.

Passco’s William H. Winn, president of the firm, tells GlobeSt.com that the company remains both a buyer and a seller of properties throughout the western US, including Arizona, Kansas, Nevada and Texas, and would like to do more business in Southern California. But the tight market presents a challenge, according to the Passco president.

“We are trying to buy in Southern California all the time, but the prices are much higher,” Winn tells Globest.com. “It’s harder to find Southern California opportunities that meet our investors’ yield requirements.” Passco acquired the Country Corner in June 2000 via a tenant-in-common transaction. The property is effectively full, with only one vacancy, a 1,200-sf space.

Dixie Walker and Charley Simpson of Grubb & Ellis’ Newport Beach office represented Passco, with the buyer representing itself. The buyer is expected to undertake minor refurbishments to the property, which is occupied by tenants including Stater Bros. Market, Hollywood Video, Fantastic Sam’s and Vanity Fashions.

The Country Corner was part of a series of retail properties acquired by Passco, including the Kaua’i Village Shopping Center in Kaua’i, Hawaii; Hanford Mall in Hanford, CA.; Wenatchee Valley Mall in Wenatchee, WA; Silver City Plaza in Las Vegas, NV and Olathe Station Shopping Center in Olathe, KS.

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