REIT Buys Shopping Center From Kennedy

Underscoring the booming market for commercial properties, Kennedy Wilson International sold Lake Arrowhead Village Shopping Center in the San Bernardino Mountains to San Diego-based real estate investment trust Burnham Pacific Properties for $31.5 million, including some REIT shares. The 230,000-square-foot lakefront shopping center is anchored by a Stater Bros. grocery store and a Rite Aid drugstore, Kennedy Wilson Managing Director Mary Ricks said. Santa Monica-based Kennedy Wilson also represented Tobishima Development of Japan in its recent sale of an office building at 2020 East 1st St. in Santa Ana. The 110,000-square-foot building was purchased by Orange County-based real estate investment firm Colton Co. for $10.7 million, Ricks said. Kennedy Wilson stock rose 38 cents to close at $11.25 on Nasdaq.