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PANORAMA CITY, CALIF. — Festival Development Corporation has purchased the leased-fee interest under The Windsor Center, a multi-tenant retail property in Panorama City. The purchase price was not disclosed. The 22,500-square-foot land parcel is located at 13750-13758 Roscoe Blvd. Both the buyer, a Festival affiliate, and the seller, an individual/personal trust, were represented by Steven Schechter and Brandon Michaels of Marcus & Millichap’s Encino office.