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A California investor has purchased a second Portland-area shopping center for $21.5 million.

Kornwasser Shopping Center Properties, based in Los Angeles, recently closed on the Fourth Plain Center in Vancouver, Washington.

The east Vancouver shopping center is anchored by 24-Hour Fitness and Walgreens. The 117,143-square-foot property sits on 7.96 acres.

The property is 73 percent leased, and the buyer intends to lease it up and resell it, said Nick Kassab, director for Holliday Fenoglio Fowler, which represented the seller, 4th Plain Center LLC.

鈥淭here鈥檚 a lot of capital that鈥檚 been raised on the West Coast for value-add retail, and there鈥檚 not a lot of deals that come to market,鈥� Kassab said. 鈥淭hey鈥檙e going to come in, lease it up, probably sell it and make a nice return.鈥�

A vacant former Office Depot building offers an opportunity to lease up and add value, Kassab said.

Earlier this year, Kornwasser purchased Southgate Shopping Center, a 50,826-square-foot strip mall in Portland.