(For more retail coverage, click GlobeSt.com/RETAIL.)

VISTA, CA-The 19,730-sf multi-tenant retail center called Santa Fe Crossroads sold to a private investor out of Los Angeles for $3.76 million. The investor was required to assume an existing loan that called for an unusually high down payment of about 70%.

Located at 1450 Santa Fe Ave., Santa Fe Crossroads consists of two separate buildings that were 100% occupied at the time of sale. The center, whose previous owner was Santa Fe Crossroads, an Orange-based California general partnership, is anchored by McDonald's, which wasn't part of the sale, and Payless ShoeSource and T-Mobile, which were.

Edward B. Hanley, who represented both the buyer and seller, tells GlobeSt.com that an existing loan out on the property caused the buyer to have to put so much money down upfront. The loan was only taken out two years ago, and still required a few more years of payment. If the buyer had chosen to pay it off, Hanley says there would have been a prepayment penalty of about $50,000.

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