Promenade purchased.

Developer Ron Rasak's RKR Inc. has sold the Promenade at Town Center in Valencia for $66.6 million.

CPF Promenade LLC paid $365 a foot for the 182,500-square-foot center, which is anchored by a Pavilion's supermarket and interior design retailer HomeGoods.

Rasak opened the Mediterranean-style center with its waterfalls and pedestrian walkways three years ago. After successfully leasing the property, he listed it on the market in December 2003 with Barry Rothstein, a vice president in NAI Capital Commercial's Encino office.

Rothstein said the complex attracted a number of bids before CPF Promenade took the property under contract in September and closed the deal last month.

"I've called this market the school-of-fish theory," Rothstein said. "It's a sellers market with huge buyer demand. These school of fish are all different sizes but they are all biting at the same thing."

Rothstein, who represented both sides in the deal, said the principals behind CPF Promenade wouldn't reveal themselves.

The company is registered to Cornerstone Real Estate Advisers LLC, according to the California Secretary of State's office. Cornerstone is an adviser to pension funds, endowments, foundations and insurance companies.

Staff reporter Andy Fixmer can be reached by phone at [phone], ext. 263, or by e-mail at [e-mail].