Yorba Center Caps Deals

YORBA LINDA, CA-A local buyer has acquired a 58,000-sf shopping center for $14.7 million in the largest of a group of retail deals totaling $21 million that closed recently, according to Faris Lee Investments.

Dennis Vaccaro and Donald J. MacLellan of Faris Lee, who represented the buyer, say the center at the corner of Yorba Linda Boulevard and New River Road was sold by Von Der Ahe Yorba Canyon Center Partners to Yorba Canyon Center LP as a 1031 Exchange, with the sellers representing themselves. The shopping center anchored by Albertson’s and includes tenants such as Jack in the Box, Mobil, Ruby’s, Citibank and Lamppost Pizza.Faris Lee president Richard J. Walter notes that the buyer placed 45% down on an assumed loan at an over-market interest rate to seal the deal.The other recently closed retail transactions included the $4.8-million sale of a single-tenant building in Rialto and the $1.5-million sale of a retail center in Tustin.In the Rialto transaction, buyer RDSNB Inc. acquired the 52,748-sf single-tenant building at 1410 W. Foothill Blvd. from Rialto Commercial Ltd. The building is occupied by Food 4 Less. Carlos J. Lopez of Faris Lee Investments represented the seller, with Mark Maniar of Property Gallery represnting the buyer, who was one of a number of potential buyers who made offers on the property, Lopez notes.In the Tustin transaction, a family trust paid $1.5 million for a 7,080-sf strip retail center at 14311 Newport Ave. that included second-story loft space. The seller was the Keith Partnership, which was represented by Nicholas Coo of Faris Lee. John Nguyen ofGolden Star Realty represented the buyer.