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VALENCIA, CA-A 1031 exchange buyer has submitted the winning bidto acquire Tesoro Village, a 74,537-sf grocery-anchoredneighborhood retail center that sold for $31 million, according toIrvine-based Faris Lee. Faris Lee president Rich Walter andmanaging director Donald MacLellan point out that the sale overcamea rising interest rate environment, uncertainty with the pendingsale of Albertson's and a lack of historical tenant sales, yet itstill achieved a cap rate of less than 6%.
The marketing of the property was marked by aggressive bidding,according to Walter and MacLellan, who represented both the buyerand the seller. Tesoro Village is at 23850-23892 West Copper HillRd. and is described by Faris Lee as "one of the finest groceryanchored centers in Southern California."
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