Catellus Development Corp. sold the 53,262 square foot The Crossroads @ Firestone shopping center in California.

The buyer, Safco Capital Corp. paid $29.5 million for property. In addition, Hanley Investment Group Real Estate Advisors President Ed Hanley represented both parties.

Hanley said, “There is high demand for newly built, grocery-anchored neighborhood centers in dense, infill markets. Using Hanley Investment Group’s proprietary database, we identified a Los Angeles-based 1031 exchange buyer who was looking to transition their portfolio to high-quality assets.”

The property is located at 5802 & 5840 Firestone Blvd. Its tenant roster includes regional and national businesses. At the time of sale, the property was fully leased.

Safco Capital Corp. was established in 1990 for the purpose of acquisition, ownership, management and development of variety of real estate.

Source: CP Executive

Fulya Altunyay/ [email protected]