According to Shaun Riley, director of advisory services forIrvine-based Faris Lee Investments and the seller's representative,the marketing challenge was unusual even though the center wasfully occupied at the time of the sale. The property is anchored bya tenant called the Ice Palace that is not a traditionalanchor.

Riley explains that the Yorba Linda Ice Palace is subleasing theRalph's (Kroger) anchor space. He says that since the Ice Palace isnot a traditional retail anchor, it is expected that the propertywill be repositioned in the future.

Faris Lee was faced with the challenge of identifying potentialbuyers who would understand the property's value-added potentialthrough bringing the below-market rents up to current rates, aswell as signing new tenants, Riley says. The Irvine-based brokeragethus targeted 1031 exchange buyers who understood the strongdynamics of the Orange County retail property market.