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DSB Associates buys Tesoro Village in a 1031 Exchange
Southern California retail developer, Westrust recently announced that it has sold off Tesoro Village – a 74,537-square-foot grocery store-anchored retail center. The store has been bought by Westlake Village-based DSB Associates for a sum of $31 million. The sale has been made under 1031 Exchange.
Faris Lee Investments brokered the sale. Its managing director Donald MacLellan stated that they had successfully obtained a nonrefundable deposit from the buyer and that too in a very short span of time. This was critical since the negotiated price had to be protected in view of raising interest rates. He added that the uncertainty of the capital market continues to threaten the investor’s return.
It may be noted that Westrust, is currently developing a massive center in Lake Forest and others near San Francisco. Tesoro Village which was built in 2005, was the only property owned by them. The Signal reports:
Built in 2005, Tesoro Village is part of the Tesoro del Valle residential development near Copper Hill Road. At the time of the sale, the retail center was fully leased by Albertsons, Bank of America, Starbucks, The UPS Store, Pick Up Stix, Great Clips, Red Brick Pizza and several other regional shop tenants.
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