California retail plaza changes owners

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Faris Lee Investments arranged the sale of the 110,865-square-foot Sierra del Oro Town Center in Corona, Calif.  The value of the transaction was $18.2 million. Located at 2621-2721 Green River Road, Sierra del Oro Town Center, built in 1991, was 95 percent occupied at the time of sale. Tenants include Ralph's, Bank of America, Round Table Pizza and Jack in the Box. The shopping center is situated on 11 acres of land and is located off the Riverside 91 Freeway. Horowitz Management Inc., a private investment group based in Laguna Niguel, Calif., sold the property to Cornerstone Development, also based in Laguna Niguel, in a 1031 exchange. 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