GLEN COVE SHOPPING CENTER SELLS FOR $12.9 MILLION

VALLEJO, CALIF. — Newport Beach, Calif.-based Yacoel Properties has purchased Glen Cove Shopping Center, a retail property located in the Glen Cove section of Vallejo along Interstate 780. The 66,000-square-foot property sold for $12.9 million, which equated to a 7.71 percent cap rate. A 50,360-square-foot Safeway supermarket anchors the center. The seller is a joint venture between Kimco Realty Corp. and Prudential Real Estate Investors. Dan Wald, Dave Nord, Steve Holm, Mark Koenig and John Schaefer of Terranomics Retail Services represented the seller. The buyer was self-represented.