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FREMONT, CA-Warm Springs Plaza, a 121,514-sf grocery-anchored retail center sold last week for approximately $41 million, which translates to about $337.50 per sf. The new owner is Lakha Investment Co. of Bellevue, WA. The seller was BlackRock Realty (formerly SSR), on behalf of Metropolitan Life Insurance Company. The property attracted two dozen offers, according to Colliers International broker Lisa LaManna, which had the disposition assignment. The going-in cap rate on the investment is 6.23%."This is an extremely aggressive transaction for an asset this size," says LaManna. "It has set an all-time low cap rate for a fully stabilized shopping center in the greater Bay Area." Carved out of a golf course, Warm Springs Plaza was constructed in 1985 on 9.8 acres. The project is anchored by an Albertson's grocery store that was included in the sale and a Longs Drug store that was not. Other tenants in the center include Starbuck's, Jamba Juice, Radio Shack, H&R Block, Denny's. GNC, Carl's Jr., Fremont Bank, Summit Bank and California Pacific Bank. The property address is 46500 Mission Blvd.The center was marketed without an asking price. More than 250 offering memorandums were requested and over 25 offers were received. The escrow for the all-cash transaction was 28 days, with the buyer removing contingencies after 15 days. "This sale is an undeniable expression of an extremely tight retail market, with pent-up buyer demand for quality retail properties," says LaManna. "The supply of available shopping centers continues to be extremely tight, causing buyers to reach new pricing highs." LaManna adds she has seen a record number of multifamily buyers trading into retail. They are selling their apartment properties at cap rates in the 5% range and acquiring retail at cap rates in the 6% range or better. At that same time, she's seeing retail investors increase their cap rates by selling their West Coast assets and moving their money into the inland states. "It's definitely a trend," she says.