Retail Center Commands $16M in Fast Close

LOMPOC, CA-A private partnership based in Los Angeles has acquired the 96,648-sf Lompoc Corners retail center from Bascal Properties II for $16.1 million in a 14-day close, according to Irvine-based Hanley Investment Group Real Estate Advisors. The property, at the intersection of Central Avenue and L Street, is a grocery-anchored neighborhood center that is situated on nine acres and was 100% occupied at the close of escrow.

Both the buyer and the seller were represented by Eric L. Werner and Kevin T. Fryman of Hanley Investment Group. Built in 2000, the center is anchored by a Wal-Mart that was not a part of the sale and Foods Co. (Kroger), along with a number of other national tenants.