Marbella Plaza acquired in 1031 exchange

Faris Lee Investments negotiated the sale of Marbella Plaza, a 70,844-square-foot retail center in the South Orange County city of San Juan Capistrano, Calif.

The value of the transaction was $29.4 million.

Located at 31103-31113 Rancho Viejo Road, the Farmer's Market-anchored center was built in 1992 on a 7.3-acre site. Other tenants at the time of sale included Stillwater Bistro, White Horse Restaurant and Independence Bank, as well as other service and merchandise stores.

San Juan Capistrano-based Marbella Plaza LP sold the property to locally based Richmont Corp., a 1031 exchange buyer.

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

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