DIAMOND BAR, CA—In an all cash transaction, retail center Diamond Hills Plaza sold to Retail Opportunity Investments Corp. for $48 million. Sarofim Realty Advisors sold the 139,314-sq.-ft. grocery and drug anchored property.

“This is a highly visible shopping center that caters to the upscale community of Diamond Bar, which has a large affluent Asian population,” said Dixie Walker, SVP with Cassidy Turley, in a statement. “The property has very strong fundamentals, a dedicated customer base and with institutional players on both sides of the deal, it indicates that top quality ethnic grocery anchored centers are coming into their own as targets for institutional capital.”

Sarofim bought Diamond Hills Plaza in 2008 and then completed major renovations on the property in order to reposition it for the area of Los Angeles county it occupies. The current loan is about to expire, making the sale the end of a five-year investment strategy. Tenants in the 99.4 percent occupied building include Super H-Mart, Rite-Aid Pharmacy, Starbucks, Burger King, KFC and HSBC Bank.

Walker, along with Charley Simpson and Tom Blake of Cassidy Turley represented the seller.