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9/15/16
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Fariba Kavian, Senior Vice President with NAI Capital, represented the seller, Harrison Coachella 26 LLC, in the sale of Coachella Plaza, an 85,035 square foot community retail center. The sale price was $10,600,000 million, or $124.65 per square foot.
The property, located at 50249 Harrison Street in Coachella, CA was 78% leased at the time of the sale. Coachella Plaza was originally built in 1991 and was fully renovated in 2008 and again in 2014. It is anchored by 99¢ Only, Planet Fitness, and WSS Shoes. The center is also shadow anchored by Cardenas Market, Carl’s Jr., Little Caesars, Payless Shoes and Fred Loya Insurance. The property is situated on 6.46 acres of land. The site is located on the main retail thoroughfare in Coachella at the corner of Westerfield Way and Harrison Street. Coachella is located 134 miles east of Los Angeles at the crossroads of the I-10 Freeway, State Highway 111 and State Highway 86 (NAFTA Highway).
Kavian said, “This investment provided the buyer the opportunity to acquire a dominant well leased center at substantially below replacement value. With below market leases this investment translates into substantial residual value, diminished risk, and upside for the new owner through additional lease up while allowing the seller to move on to other projects.”
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