Partnership dumps grocery center

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A joint venture between The Praedium Group and ScanlanKemperBard Cos. sold Santa Fe Springs Plaza, a 164,700-square-foot grocery-anchored retail center located in Santa Fe Springs, Calif. The value of the transaction was not disclosed. Built in 1981 and expanded in 1986, the property is located at the northeast corner of Telegraph Road and Carmenita Road directly across from the Santa Fe Springs Mall. Ralph's Food Store anchors the center. At the time of sale, occupancy was 96 percent. Steve Algermissen of Cushman and Wakefield represented the joint venture. Newman and Associates represented the buyer, a local investor whose identity was not disclosed. Portland, Ore.-based SKB Cos. is a real estate merchant banking and development advisory company that acquires and funds development equity for properties throughout the western United States. New York City-based The Praedium Group is a real estate investor focusing on underperforming and undervalued assets throughout North Ameri...