Located at 201 S. El Camino Real, the shopping center is a former Target store that has been reconfigured into three separate retail spaces. It is currently occupied by LA Fitness, US Storage and Consignment Classics.

The buyer, which was represented in-house, has acquired the property from M&H Realty Partners. Sam Alison and Dan Riley of CB Richard Ellis' Los Angeles office acted on behalf of M&H Realty Partners. Brad Sevier and Derek Kam in the Los Angeles office of Buchanan Street Partners secured the $11.7-million acquisition loan.

The Buchanan Street team negotiated with a credit union for the 10-year, 75% leveraged financing. According to a Buchanan Street statement, the Newport Beach-based real estate investment bank "was able to arrange $1.5 million more in loan proceeds than the highest offering from CMBS lenders." The terms of the loan agreement call for a competitive, fixed-interest rate that adjusts after five years, as well as the waiver of reserves for leasing and maintenance costs. In addition, the agreement features a declining prepayment structure that allows for the loan to be paid off at no cost in the sixth year.