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11/11/20
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Beacon Realty Advisors has purchased Jefferson Square, a partially built open-air retail center on approximately 10 acres in the Coachella Valley city of La Quinta, CA. Beacon acquired the property with joint venture partner Carolina Capital Real Estate Partners of Charlotte, NC from its original developer Regency Centers.
The property, located at Fred Waring Dr and Jefferson St in the heart of La Quinta, is currently anchored by a CVS Pharmacy. The buyer plans to redevelop the property into a mixed-use asset that incorporates the center’s existing essential retail tenants with other uses.
“Our initial plan is to pursue a grocery, home improvement or medical tenant for the existing vacant 14k sf box,” comments Omar Hussein, Founder and Principal of Beacon Realty Advisors. “We are confident the right tenant will recognize the significant opportunity at this location and within the Coachella Valley region.”
In the three-mile radius surrounding the center, average annual household income is above $88,000, with traffic counts for the site’s intersection reaching 63,000 vehicles per day.
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