(For more retail coverage, click GlobeSt.com/RETAIL.)

YUMA, AZ-A California group has stepped up for the 163,688-sf inline space to the 276,688-sf Wal-Mart Supercenter for $14.95 million. The deal has slid in at just below the $15.53-million ask, closing at a 6.23% cap rate.

Royal Investors Group LLC of Los Angeles bought the fully leased power center from Pac Harbor Equities LLC from Malibu, CA following a two-week marketing period. A source familiar with the transaction tells GlobeSt.com that the inline space includes 113,000 sf of the Wal-Mart store as a result of an expansion in 2004. The center, constructed in 1991, is situated on 20 acres at 2900 S. Pacific Ave.

The local source says 15 offers went on the table, with the Royal Investors Group outplaying the others for its ability to conduct due diligence and close escrow in a timely manner. According to the contact, the buyer made a 36% down payment and leveraged the balance with a $9.5-million loan from the New York City-based Bear Sterns Commercial Mortgage Inc.

Tenants include Factory 2U, Sally Beauty Co., Payless Shoe Source, Subway, Peter Piper Pizza, Fashion Bug and Cost Cutters Hair Salon. The source says nine years remain on the Wal-Mart lease. The rest of roster has a staggered roll, with two leases scheduled to expire this year. Peter Piper Pizza, facing a September expiration, has indicated plans to renew for five more years.

Kevin Boeve, a senior director with Marcus & Millichap Real Estate Investment Co.’s national retail group in Ontario, CA represented the seller. The buyer’s broker was William Rose, a Marcus & Millichap associate from San Diego.

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