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LANCASTER, CA-Passco Real Estate Enterprises Inc. has sold its Lancaster Commerce Center to Cadence Capital for $45 million, according to William Winn, president of the Irvine-based tenant-in-common specialist. Passco had owned the property since January 2002, when GlobeSt.com reported that it paid $35.3 million.The property, situated on 55 acres at the southeast corner of the Antelope Valley Highway 14 and Avenue K, is considered one of the best locations for a community retail center in the Antelope Valley. The site comprises approximately 550,000 sf of buildings, including the 322,200 sf that Passco sold to Cadence.The center, which was originally developed in 1985, features a mix of nationally recognized tenants, value retailers and big-box stores including Target, Ross Dress for Less, Boot Barn, Kragen Auto, Walden Books, Big Lots!, Big 5 Sporting Goods, a Ralph’s supermarket and a 24 Hour Fitness Center.Passco says the sale of Lancaster Commerce Center will allow for continued addition of regional malls, multifamily and neighborhood centers to the company’s eight million-sf portfolio as the Lancaster Commerce Center investors reinvest with Passco. Passco and the buyer were both represented by Alan Krueger of the Ontario office of Marcus & Millichap.

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