156,000-SF Shopping Center Trades Hands

ANTIOCH, CA-The Gabriel Chui Family Trust of Pleasanton, CA, has purchased the 156,000-sf Delta Fair Shopping Center here from Santa Ana, CA-based Passco Real Estate Enterprises for $16.5 million. Passco, a tenant-in-common sponsor, sold the property after a five-year hold. For the trust, the purchase completed a 1031 Exchange.

Located at 2710 Delta Fair Blvd., the property was fully occupied at the time of sale. Tenants include FoodMaxx, Blockbuster, Better Homes & Gardens, Taco Bell and Money Tree. Michael Federle of Grubb & Ellis’ San Francisco office represented the buyer in the transaction. Federle and Ray Devlin of Grubb & Ellis’ Walnut Creek office represented the seller.

“This transaction was challenging in that we had two anchor tenant bankruptcies during escrow,” says Federle. “However, we were able to secure a replacement grocery tenant and deliver to the buyer a completely leased investment.”