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6/28/17
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A two-tenant, 33.7k sf retail building in La Quinta, occupied by T.J. Maxx and ULTA Beauty, has sold for $8.86 mil, or $263/sf. The building, located at 78-825 Hwy 111, is within Washington Park Shopping Center, which includes major tenants Target, Lowe’s, Trader Joe’s, ALDI, Stein Mart and Century Theatres.
Remodeled in 2016, the building is situated on 3.61 acres at the signalized intersection of Hwy 111 and Simon Dr, and immediately surrounded by notable retailers ALDI, Chase Bank, Lowe’s and In-N-Out. T.J. Maxx and ULTA Beauty featured two new corporate-backed long-term leases.
Bill Asher and Ed Hanley with Hanley Investment Group represented the seller, a private partnership based in Southern California. The buyer, an all-cash 1031 exchange investor from Los Angeles, was repped by Steven Gelber of Gelber Realty Corporation in Los Angeles.
Asher noted the demolition of an older multi-tenant strip center and redevelopment of a new ALDI and In-N-Out at the corner of Highway 111 and Simon Drive tremendously enhanced exposure, identity and visibility of the T.J. Maxx and ULTA Beauty building. Additionally, the City of La Quinta is an extremely affluent resort city with an average household income of more than $99,000, making it one of the highest income cities in the Coachella Valley and an attractive location for corporate retailers.
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