California grocery center changes hands

Property anchored by Starbucks, Cingular Wireless

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Faris Lee Investments negotiated the sale of Euclid Plaza, a 131,849-square-foot grocery-anchored retail center in Anaheim, Calif. The value of the transaction was $27.5 million. Euclid Plaza, located at 621 N. Euclid St., was built in 1961 and renovated in 1988 and 2003. The grocery-anchored retail center boasted a 94 percent occupancy rate at the time of sale with 28 tenants, including 99 Ranch Market, Starbucks, Quizno's, Minuteman Press, H & R Block, Re/MAX, and Cingular Wireless. A private individual investor sold the property to another private individual investor. David Lee, Richard Walter and Patrick Kent of Faris Lee Investments represented the seller. Chris Thompson of Investment Real Estate Associates represented the buyer. Irvine, Calif.-based Faris Lee Investments is an advisory and brokerage firm specializing in retail real estate. *** What's your opinion? Send your Letter to the Editor to newsroom@inman.com....