Developer unloads SoCal plaza in 1031 exchange

Faris Lee Investments recently brokered the sale of Tesoro Village, a 74,537-square-foot, grocery-anchored retail center in Santa Clarita, Calif.

The value of the transaction was $31 million.

The property is located at 23850–23892 West Copper Hill Road. Built in 2005, Tesoro Village was 100 percent occupied at the time of the sale by Albertsons/Sav-on Drugs, Bank of America, Starbucks, The UPS Store, Pick Up Stix, Great Clips, Red Brick Pizza and several other regional shop tenants.

Southern California developer Westrust sold the property to DSB Associates of Westlake Village, Calif., in a 1031 exchange.

Irvine, Calif.-based Faris Lee Investments is an advisory and brokerage firm specializing in retail real estate.

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