Grubb & Ellis Co. recently arranged the sale of McCarthy Ranch Marketplace, a 265,324-square-foot retail center in Milpitas, Calif.

The value of the transaction was $63.1 million.

L&B Realty Advisors LLP, a Dallas, Texas-based pension fund advisor, purchased the Silicon Valley property from San Francisco-based RREEF. RREEF had purchased the property in 1998.

The center, which is located at 15 Ranch Drive, was 100 percent leased at the time of sale. Tenants include Borders, Best Buy, PetsMart, Ross, Sportmart and Office Depot. The property was built in 1995.

Los Angeles-based Grubb & Ellis Co. is a full-service commercial real estate organization operating worldwide.

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