Beverly Hills-based Barclay's Realty & Management Co. Inc. has snapped up the property, which it plans to hold as an investment. The grocery-anchored asset, which has a "ranch-style" architectural design, encompasses a total of 70,380 sf. It features 425 parking spaces and is occupied by anchor Major Market, as well as food chains Burger King and Denny's. According to GMS Realty's literature on the project, local demographics include a population of 39,453 residents with an average household income of $73,445 within five miles of the center.

Pete Bethea of Burnham Real Estate Oncor International acted on behalf of Barclay's Realty & Management, as well as seller GMS Realty LLC.

Carlsbad, CA-based GMS Realty has also recently sold off a 290,000-sf portion of the 539,159-sf Temecula Town Center shopping complex located in neighboring Inland Empire. The property was sold for $47.5 million by the GMS Realty entity Cimirron Temecula LLC to Lakha Investment Co. LLC and Lakha Federal Way Properties II LLC. Located on a 31.3-acre site on the northeast corner of Rancho California and Ynez roads, Temecula Town Center was 90% leased at the time of sale.

Investment demand continues to outstrip retail supply across San Diego County, industry experts say. This condition drove up values 21% in 2003, with the median price for multi-tenant properties winding up the year at $145 per sf, according to recent research from Marcus & Millichap National Retail Group. "Improving market fundamentals will fuel shopping center sales in the coming year, while values will continue to move upward at a healthy pace," the report says.