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SAN BERNARDINO, CA-The buyer of the 93,129-square-foot West Side Plaza at 1554-1594 W. Base Line St. has acquired the shopping center for $10.95 million at a 9.25% cap rate based on projected 2011 NOI, closing in five days in an all-cash transaction. Broker Orbell Ovaness, who represented the Long Beach-based buyer along with his associate Artin Sepanian, tells GlobeSt.com that the new owner plans to develop 13,500 square feet of additional space at the center that is fully entitled.

The property, which was 95% occupied at the close of the sale, was sold by Southern California-based Westside Plaza LLC, which was represented by Enrique Wong, CEO of National Equity Advisors Inc. in Encino. Wong reports that the shopping center, built in 1995 and consisting of four buildings, attracted several strong offers and letters of intent from various buyers, local and national.

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