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POWAY, CA-The Poway Library Plaza, a four-building 29,000-sf retail center in San Diego, has changed hands for $6.6 million. Built in 1976, Poway Library Plaza sits on 2.51 acres.Mike Clark and Joe Yetter of Grubb & Ellis|BRE Commercial represented the seller, Poway Library Plaza LLC, while Kevin Held and Chuck Klein, also of Grubb & Ellis|BRE Commercial, represented the buyer, Library Plaza Poway LLC. Currently the buyer does not have any plans to rehab or retenant the property and is in negotiations to lease the remaining 720 sf of space. The property was 98% leased at point of sale and has been in escrow since September 2004. The seller plans to dissolve their partnership and spread out the proceeds from the sale of the property. Poway Library Plaza is located at 13132 Poway Rd. and has 11 major tenants, including Poway Adult Day Health Center, ABC Child Care, Figaro's Pizza, Urban Board Shop, Stars Dance Studio and Curves. The building underwent a major refurbishment that was completed in 2003, where a new facade was added, tenants were repositioned and square footage was added. Yetter tells Globest.com that refurbishment of retail property has been somewhat of a trend in the area, with Poway Crossings, Poway Plaza and Poway City Centre having undergone or in the midst of a facelift. The area is at or below an approximate 5% vacancy rate for retail."The market outlook is good," Yetter says. "There is reasonable demand in Poway for good space."