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IRVINE, CA-Two buyers of Southern California retail centers have paid more than $20 million for the properties in two recently closed deals, according to Faris Lee Investments, based here. In the larger of the two deals, Los Angeles-based Kaylor Point LLC paid $15.3 million for a 20,772-sf portion of a 104,701-sf center in Santa Clarita, CA.

The $15.3 million deal was the fourth of five sales in a $45 million breakup sale of the center, which is called Centre Pointe Marketplace. The center occupies a site at the intersection of Golden Triangle and Golden Valley roads.

The 20,772 sf that sold is in four buildings with tenants like Starbucks, Bright Now Dental, Subway, Juice It Up and Panda Express.The seller was Valencia, CA-based Marketplace Properties LLC, which was represented by Faris Lee president Richard Walter and director Patrick Kent; the buyer was represented by Dennis Vaccaro of Faris Lee.

Faris Lee Capital, Faris Lee’s in-house capital advisory arm, provided construction financing to the developer and permanent fixed-rate financing to the buyer at an interest rate of 5.9%. The $15.3 million deal follows previous presales of $12.35 million for a 41,850-sf single-tenant property occupied by Wickes Furniture at the center and the $4,9 million sale of an 18,427-sf Office Depot. The third parcel that sold was a $7.2 million deal including a Bank of America building and a multi-tenant shop building totaling approximately 13,000 sf.

Walter notes that the first two transactions were presales of the parcels while the development was under construction. The fifth and final portion of the property isexpected to close this summer.

Walter says that the Centre Pointe Marketplace transactions mark the first time a presale and breakup strategy—both complicated strategies—have been combined within one center. He says that Faris Lee advised the developer, Marketplace Properties, on a breakup exit strategy before the beginning of construction.

In the other recently closed deal, a 1031 exchange buyer from Malibu, CA paid $4.9 million for a 9,673-sf retail component of Center Pointe at La Palma Business Park in an all-cash deal. The business park is a 650,000-sf class A office park at 50 Center Pointe Dr. in La Palma in an infill area in north Orange County. The property that sold is fully occupied on a triple-net lease, with two tenants: FedEx Kinko’s and Sushi Ya Japanese Restaurant.

The seller was Irvine, CA-based Sanderson J. Ray-Commerce, which was represented by Vaccaro from Faris Lee. The buyer was represented by Jesse Nunoz and Bill Gloege of Colliers International.

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