The vacancy rate for the shopping center at the time of the transaction's close was close to 10%. The asking lease rate for the property has been set at $1.45 per sf per month. The capitalization rate for the deal has been estimated to be 9.45%, according to Randy Foster, director of marketing at SCI Investments.
Marc Paul and Robert Robotti, RE/MAX Commercial Brokerage represented the buyers. Steve Halterman, National Bancorp, represented the seller. This acquisition brings the value of the SCI California and Nevada portfolio to over $100 million.
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