Private Investor Acquires Retail Property On Highway 111 In La Quinta For $8.9M

The retail building occupied by T.J. Maxx and ULTA Beauty in La Quinta, Calif., part of Washington Park Shopping Center, was sold for $8.9 million. The 33,708-square-foot building is located at 78825 Highway 111, situated on 3.6 acres. The property was remodeled in 2016, with enhanced visibility due to the demolition of an old multi-tenant strip center and the development of a new ALDI and In-N-Out nearby. It is part of a shopping center with various tenants, such as Target, Lowe's, Trader Joe's, ALDI, Stein-Mart, Chase Bank, and Century Theaters. The area boasts an average household income exceeding $99,000, making it a desirable location for corporate retailers.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $8,900,000.00
• Address: 78825 Highway 111, La Quinta, CA
• Market: La Quinta
• SF: 33,708
• Buyer: Private Investor
• Seller: Private Partnership
• Buyer's Rep: Steven Gelber (Westside Realty Partners)
• Other Tenants: Target, Lowe's, Trader Joe's, ALDI, Stein-Mart, Chase Bank, Century Theaters

Steven Gelber of Gelber Realty Corp. represented the buyer in the transaction, a private investor from Los Angeles with similar asset holdings. The seller, a private partnership based in Southern California, was represented by Executive Vice President Bill Asher and President Ed Hanley from Hanley Investment Group Real Estate Advisors.