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ALISO VIEJO, CA-The recent $39 million sale of the 47,000-sfShops at Aliso Viejo Town Center represents one of the highestprices per sf for a stabilized multi-tenant center of its size andclosed at a 5% cap rate, according to Faris Lee Investments. TheIrvine-based brokerage says that the 5% figure is also believed tobe the lowest recorded for a stabilized multi-tenant retailproperty of its type.The buyer was YJC Investment Group from LosAngeles, which acquired the property from Leaseback Inc. andLazares Cos., the original developers of the property. The seller'sinvestors include partners in San Diego, the San Francisco Bay Areaand Houston.Faris Lee's Richard Walter, president of the company,and Dennis Vaccaro, director of its Investment Advisory Group,represented Leaseback and Lazares. David Kim of Pacific CenturyInvestments represented the buyer.Vaccaro notes that thetransaction, which was sold in three separate pieces, was extremelycomplicated and required the buyer to assume two loans on two ofthe pieces and obtain a new loan on the third piece. Walter callsthe $830 per-sf purchase price "testament to the area's continuedeconomic strength as well as the overall success of Aliso Viejo," aSouth Orange County master-planned community. The Shops at AlisoViejo Town Center comprises six one-level buildings that areconnected via exterior walkways, courtyards and driveways, totaling46,933 net rentable sf.The buildings are at 26601, 26611, 26705,26741, 26841 and 26851 Aliso Creek Rd. They were built in 1998 andoccupy a site of 4.22 acres.The property that sold constitutes aportion of Park Plaza at Aliso Viejo Town Center, one of OrangeCounty's largest entertainment and community centers, which totals700,000 sf. Additionally, the greater Aliso Viejo Town Centertotals more than 300 acres and incorporates Summit Office Campus,Hoag Health Center of Aliso Viejo, Grand Park and outdooramphitheater, Town Center Corporate Park and two major condominiumand apartment complexes.