May 1, 2018— HFF, on behalf of the owner, is offering qualified investors the opportunity to acquire Centre at La Quinta, a 79,795-square-foot community retail center for sale with an internet-resistant tenant line-up in the Southern California community of La Quinta. Completed in 2004, the retail property for sale is currently 94 percent leased with a strong national tenant roster, including Marshalls, PetSmart, GameStop, Sprint, The UPS Store and Sherwin-Williams, among others, and is shadow-anchored by a Walmart Supercenter.
Situated on 10.61 acres at 79305, 79395, and 79405 Highway 111, Centre at La Quinta benefits from more than 40,000 vehicles per day passing the intersection of Highway 111 and Dune Palms Road. The center is strategically located in the heart of La Quinta, an affluent community in Riverside County, and more than 160,000 residents live within a five-mile radius of the property. Additionally, average household incomes exceed $93,000, and the center backs up to a future multi-housing development site.
Retail Property for Sale Investment Highlights
- Internet-Resistant Tenant Mix with Walmart Supercenter Shadow Anchor: Centre at La Quinta has a strong mix of national, regional and local tenants, including Marshalls, which is opening 88 new locations nationally; PetSmart, which opened 18 new stores in the first quarter of last year; GameStop; Sprint; The UPS Store; Desert Digital Media (a Google Partner); Samurai Sam’s Korean BBQ; Canton Bistro Asian Cuisine and HairMasters hair salon, among others.
- Additionally, only 15 tenants at the retail center for sale provides investors limited management duties, and the Walmart Supercenter (with grocery) expands the draw of the property and provides a recession resistant, daily needs draw to the property.
- Value Creation through Further Development: There is an opportunity to further increase value through the potential development of the 0.42-acre anchor/shop space adjacent to PetSmart.
- Attractive In-Place Cash Flow with Upside along with Long-Term Leases: The lease-up of the three vacant spaces and re-tenanting the Payless Shoes (60-day kick out) suite will grow the net operating income over 30 percent during the hold period based upon HFF’s market projections. More than 52 percent of the GLA is leased through 2024 or greater, including Marshalls (2024), Sherwin-Williams (2027), Maxcy’s Grill (2026) and Canton Bistro (2027).
- Attractive In-Place Financing: In-place existing debt allows investors the opportunity to assume attractive debt, eliminating interest rate risk.
For more information on this commercial property for sale or other available retail properties, please contact Gleb Lvovich or Daniel Tyner in HFF’s Orange County office.