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PUENTE HILLS, CA-A joint venture of New York’s Coventry Real Estate Advisors, Ohio-based Developers Diversified Realty and New Jersey-based Prudential Real Estate Advisors has sold the final parcels of the 477,000-sf Plaza at Puente Hills, according to Irvine-based Faris Lee Investments. The center was sold as eight separate parcels in six deals brokered by Faris Lee in a breakup strategy first reported on GlobeSt.com in January.

All tallied, the deals generated $50 million in sales for 218,540 sf of the center, which is at 17877-18271 Gale Ave. The remainder of the 477,000 sf is composed of space occupied by the anchor tenants–Home Depot, Toys “R” Us and Sam’s Club–which were not included in the breakup.

The largest deal was the $33 million sale of three parcels totaling more than 180,000 sf to SCI Real Estate Investments of Los Angeles in January, followed by the sales throughout the year of the other parcels. Rich Walter and Don MacLellan of Faris Lee represented the sellers in all of the transactions.

Walter says that breaking up the center into separate parcels generated approximately 15% more than the original anticipated sale price as a single asset. Built in 1988, the Plaza at Puente Hills is situated on 17.7 acres off the 60 Freeway, across the street from the Puente Hills Mall.

Besides the sale of the center’s Office Depot, Sam Ash and Smart & Final parcels to SCI, the deals included the sales of single-tenant and multitenant parcels ranging from 2,370 sf to 9,467 sf for prices ranging from $2.4 million to $4.8 million. Tenants on the properties included Jack in the Box, Benihana, Frisco’s, Mimi’s Café and Claim Jumper.

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