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Passco Real Estate buys southern California retail center for $35.5 million

Orange County, Calif.-based Passco Real Estate Enterprises Inc. has purchased the Lancaster Commerce Center in Lancaster, Calif., for $35.3 million from a Ventura, Calif.-based investment partnership.

Developed in 1985, the 554,400 sq. ft. regional community retail center includes 26 buildings anchored by Ralph’s Marketplace, Target, Pic N Save, 24 Hour Fitness and Ross. Other tenants include Factory 2U, Boot Barn, Auto Club, Kragen Auto Parts, Big 5 Sporting Goods, McDonald's, Walden Books, Wherehouse Records, Bank of America, Washington Mutual and the Salvation Army.

The Lancaster Commerce Center is located at the southeast corner of the Antelope Valley Freeway and Avenue K in Lancaster. Marcus & Millichap brokered the sale.

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