Investec Buys 99,000-SF Center for $21M

SAN DIEGO-Santa Barbara-based investment firm Investec has acquired the 99,304-square-foot, 100% occupied Plaza at Sunbow shopping center from Phoenix-based Levine Investments for $21.15 million in an all-cash, off-market transaction. Mark Lucescu of Newport Beach-based Lucescu Realty represented the seller, with Investec representing itself.

The shopping center, at the northeast corner of East Palomar Street and Medical Center Drive, is anchored by Ralphs and CVS/pharmacy, along with a host of national retailers including Starbucks, McDonald’s, KFC and T-Mobile. Grant Harris, Investec’s director of acquisitions, says that Sunbow has performed very well since it was built in 2002 and that the Santa Barbara-based firm is confident that the center will continue to thrive with the mix of tenants in place.

Sunbow was developed by Kitchell Development and has been the dominant neighborhood shopping center in its trade area. The center is situated on 11 acres at the northeast corner of Medical Center Drive and Palomar Street.