In the Long Beach sale, a local family trust that wasrepresented by president Carlos J. Lopez of HI Urban RetailAdvisors bought the property from Corona-based Vineyard Bank for$3.5 million. Originally built in 1930 and later renovated in 1945,the property was 94% vacant at the time of sale. Starbucks was theonly tenant that occupied space at the property at the close ofescrow.

In both the Loma Linda and Riverside Fresh & Easy sales, thebuyer acquired a fee-simple ownership in the land leased to asingle-tenant NNN Fresh & Easy. In the Loma Linda deal, a LosAngeles-based partnership called Downtown Gateway bought theproperty from L.A.-based MV Investors Inc. for $2.86 million, withEdward B. Hanley representing the buyer and the seller. Hanleynotes that the property, which is situated on 2.1 acres and wasbuilt in 2009, "generated six offers very quickly" because of itslocation at an intersection with an average daily traffic count ofmore tha 42,000 cars per day, adjacent to Interstate 10 Freeway inan affluent neighborhood. Investors today "are driven more thananything on location, which was a significant reason this propertyhad so much interest when we brought it to market," he says.

In the Riverside Fresh & Easy deal, a Long Beach-based 1031exchange buyer called Third Street Plaza LLC bought the propertyfrom HEC-Orangecrest LLC of Newport Beach for $2.47 million. Theseller was represented by Hanley and William B. Asher; the buyerwas represented by A.J. Nay and Kurt Schneiter of MaverickInvestments in Long Beach.