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IRVINE, CA-The sale of a two-tenant property within the Promenade Mall in Temecula for $480 per square foot at an 8.25% cap rate and a $425-per-square-foot sale in Paramount at a sub-7% cap rate illustrate that stabilized properties in good locations still command top prices, according to a broker from Faris Lee Investments who arranged the deals. In the Temecula sale, all-cash 1031 Exchange buyer R&R Real Properties of Los Angeles bought a 10,000-square-foot retail property occupied by Verizon Wireless and the Vitamin Shoppe from Beverly Hills-based Plaza Temecula LLC for $4.8 million; in Paramount, a Los Angeles-based family trust acquired an 11,841-square-foot retail property fully occupied by Sally Beauty Supply, Payless Shoesource, West Coast Dental and Fashion Q for $5 million.

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