Investec, which specializes in the acquisition, development, management and leasing of retail properties in California, has acquired The Plaza at Sunbow in San Diego for $21 million from a private investor in an off-market transaction. The 100,000 sq. ft. shopping center is anchored by Ralphs and a CVS pharmacy, along with a host of other national retailers including Starbucks, McDonald's, KFC and T-Mobile. The property is 100% occupied.
Bixby Land Co., an Orange County-based private REIT, has acquired a 50,000 sq. ft. research and development facility in San Diego, Calif. for $9.2 million. The property, which was purchased from Irvine, Calif.-based LBA Realty, increases Bixby's total portfolio to more than 6 million sq. ft. With this acquisition complete, the REIT is shifting its acquisition focus to a value-add investment strategy based on changing market conditions in 2010.
Loja Real Estate has acquired The Shops at Waterford in Dublin, Calif., for an unconfirmed price of $44 million from Shea Properties, based in Aliso Viejo, Calif. The mixed-use property is anchored by a 55,000 sq. ft. Safeway grocery store and includes retail, restaurants and business services. The purchase was made through Loja Real Estate Fund 1. The newly formed fund will focus on core retail in the Western United States.