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ANAHEIM, CA-Metro Properties LLC has acquired the 79,932-sf Anaheim West Shopping Center for $11.1 million and sees a value-added play in upgrading the asset, according to Colliers Seeley International. Paul Moore and Steve McDonald of Colliers Seeley, who represented the buyer, report that Metro plans to renovate the property to boost its value.

Moore calls the deal “a rare gem” in an Orange County market where retail properties are hard to find and are selling for top dollar. “The buyer was able to secure a true value-add opportunity with a cap rate of 7.2%,” Moore says. Besides providing a value-added upside, Moore says, the center will produce returns for the buyer immediately.

The one-story center is at 3150 Lincoln Ave., near the I-5 and91 Freeways in West Anaheim. It is 100% occupied, but the buyer’s plan is to establish a better tenant mix to maximize the value, Moore explains. The property was sold by Anaheim West LLC, which was represented by Inco Company Realty Inc.

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