The center stands at 14020 – 14290 Palm Drive and is part of a 120,000-sf retail complex anchored by Vons. The facility was 90% occupied at the time of sale, with tenants including McDonalds, Rite Aid, Del Taco and Winston Tire.
Carlos Lopez of Faris Lee Investments represented the buyer Red Mountain. Char Sharp-Pfeifer of Spinello Commercial represented National Insurance.
Sales activity in the county's retail market has cooled somewhat in recent months, as consumer sales have slowed while a string of bankruptcies and consolidations has occurred in both the theater and department store businesses. "You're not seeing many shopping centers being sold by institutions as value-added property," Lopez says.
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