A two-tenant retail property within the Promenade Mall in Temecula, Calif., has traded for $480 per square foot -- the highest price per square foot for a multi-tenant retail property in that market for the past two years. 1031 Exchange buyer R&R Real Properties of Los Angeles acquired the 10,000-square-foot retail property, which is occupied by Verizon Wireless and the Vitamin Shoppe.

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