The Festival Companies has acquired the Komar Desert Center, a retail property located at 79705–79845 California Highway 111 in La Quinta, Southern California. The property, featuring 77,466 square feet of rentable space, was sold by Capital Square for a total price of $26,400,000, resulting in a price per square foot of $341. This transaction reflects the increasing activity in outdoor retail complex sales in the region.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $26,400,000
• Square Footage: 77,466
• Address: 79705–79845 California Highway 111
• Market: La Quinta

The buyer in this transaction was The Festival Companies, represented by Rosalind J. Schurgin. The seller, Capital Square, was represented by Louis Rogers. The deal was brokered by CBRE's Newport Beach retail investment team, marking their 1,000th retail transaction.

Note: This acquisition by The Festival Companies further exemplifies the trend of increased activity in outdoor retail complex sales in La Quinta, Southern California. The buyer, represented by Rosalind J. Schurgin, acquired the property from Capital Square, represented by Louis Rogers, for a total of $26.4 million.