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L.A. Investor Trades $5M for Retail Duet

TEMPE, AZ-Sol Hoff Co. LLC of Los Angeles purchases the Santa Fe Palms retail center and an adjacent Panda Express location for $5.4 million from a Utah seller in an off-market trade financed with a 10-year loan.

By Lee Simmons | Updated on April 28, 2004

TEMPE, AZ-Sol Hoff Co. LLC of Los Angeles has purchased the Santa Fe Palms retail center for more than $4.1 million and an adjoining 2,500-sf restaurant, leased to Panda Express, for $1.3 million from Utah-based Santa Fe Palms LLC. The shopping center boasted a 76% occupancy at sale time.

“They (Sol Hoff) own an adjacent property so this deal helped create some good synergy for them,” Steve Gonzalez, a senior investment associate with Marcus & Millichap in Phoenix, tells GlobeSt.com. Both the 21,756-sf center and stand-alone 2,500-sf build-to-suit for Panda Express were built in 2000 at 1712 E. Guadalupe Road in South Tempe. Panda Express, a Rosemead, CA-based quick-serve gourmet Chinese restaurant chain, has a 20-year lease.

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