The name of the new owner, an individual from Los Angeles, isnot being released by the parties involved and was not otherwiseavailable on Friday. A source with the listing brokerage firm,Faris Lee Investments, tells GlobeSt.com the new owner wascompleting a 1031 exchange and plans to add value by developing anout parcel with a 7,200-sf retail building. The center sold at a5.3% cap rate on actual income. The price per sf was $550. CBRichard Ellis represented the buyer.

Visible from both Interstate 680 and Highway 101, the center islocated on the northeast corner of Story and South King roadswithin a largely Hispanic community that boasts an average annualhousehold income of more than $87,000. In addition to Famsa, whichis the Mexico-based chain's first Northern California store, otherstores in the center catering specifically to Hispanics includeCalzado Andrea (shoes), Ritmo Latino (music) and El Gallo Giro(restaurant).

"Because Plaza de San Jose caters to the surrounding Hispaniccommunity, the seller believed that a buyer would most likely comefrom Southern California," says Richard Walter of Faris Lee."…investors in that particular region are more familiar with theHispanic markets and have seen firsthand their success and highprofit potential."