The Rancho Ortega property is located at 27201 Ortega Highway, amajor thoroughfare between Orange and Riverside counties. DamonWyler, who was part of an Irvine-based Sperry Van Ness team thatrepresented the seller, notes that the buyer was exchanging out ofsome agricultural land and was able to pay cash.

The all-cash purchase "was critical, given the current turmoilin the capital markets," Wyler says. Other members of the SperryVan Ness team were Brian Sperry and Bill Casas.

The deal underscores the continuing demand for retail andmixed-use properties in Orange County where another mixed-usecenter in San Juan Capistrano traded earlier this year with anunusual twist: The seller provided the buyer with a 12-month rentguarantee to make up the rent and triple-net charges for theportion of the center that was vacant at the time of the sale.