Encompassing 35,000 sf, the property is occupied by a varied tenant mix that includes a McDonald's and Del Taco. The complex was 95% occupied at the time of sale, Faris Lee Investments broker Dennis Vaccaro tells GlobeSt.com. The buyer, JMS Ontario Investors LLC, is planning a minor rehabilitation of the property, Vaccaro adds.

Vacarro acted on behalf of JMS Ontario Investors in the transaction. The seller, Jones/Brown Investments, was represented by Rich Walter, also of Faris Lee Investments.

Investors continue to vie over available retail product, which is causing prices to rise nationwide, according to a recent report by Marcus & Millichap. "There is an enormous amount of capital pursuing (retail) product, coming from three different sources: conventional private and institutional investors who are always in the market; 1031 exchange buyers; and investors that are avoiding or fleeing the stock market," says Bernard J. Haddigan, national director of Marcus & Millichap's National Retail Group.