The seven-year-old center, situated on 7.66 acres at 4555 Highway 6, is 96% occupied. Its tenants include Wel-Farm Grocery, Cafe East Restaurant, Southwestern National Bank and TA Traders.

"This wasn't long on the market, maybe a couple of weeks," Brad Kam, an associate with Marcus & Millichap Real Estate Investment Brokerage Co.'s Dallas office, tells GlobeSt.com. "The buyer came down, really liked the area and the property and bought it up quickly." He adds the center, which is fairly new, will require little in the way of renovations. Brad Kam represented the seller, UIRT-Colony Plaza Inc. while Re/Max Premier Properties in Arcadia, CA negotiated on behalf of the Los Angeles-based buyer.

"Colony Plaza is a class A shopping center that enjoys high occupancy and an excellent location," Gavin Kam, a senior broker in Dallas, says in a press release about the sale. "The immediate area is one of the most affluent and fastest-growing communities in Texas and this presents an exceptional investment opportunity."

The Miami-based Equity One still owns several properties in the region. Brad Kam says the center was sold to take advantage of market conditions. "Basically, they found an investor who paid the price they were looking for," he says.