Sales  ·  Retail

Retail Complex in SoCal’s Inland Empire Sells for $26M

Komar Desert Center features 77,500 square feet of rentable space in La Quinta, Calif.

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Yet another outdoor retail complex has traded hands in Southern California, continuing a trend of similar sales in the region.

The Festival Companies acquired the Komar Desert Center in La Quinta from Virginia-based Capital Square for $26.4 million, according to data sourced from Vizzda. Located at 79705–79845 Highway 111, the property is a few miles south of Interstate 10 and Joshua Tree National Park. Neither Festival Companies nor Capital Square could immediately be reached for comment. 

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The sale was brokered by CBRE (CBRE)’s Newport Beach retail investment team.

Built in 2008, Komar Desert Center features 77,466 square feet of rentable space, according to a Capital Square brochure. Tenants include Mimi’s Cafe, Starbucks and wine and liquor sellers BevMo! The property also benefits from an adjacent 139,000-square-foot Costco, which was not included as part of the transaction.

Grocery-anchored retail centers in Southern California have seen a big bump in activity the past couple years. For example, Edens announced last week that it secured full occupancy for Foothills Plaza, a 64,522-square-foot property in La Verne.

In October, Nohl Plaza in Orange, Calif., was purchased by retail investment firm Regency Centers for $25.3 million. The plaza is about five miles east of Anaheim city center. Meanwhile, Sakioka Farms purchased New Haven Marketplace earlier this year in Ontario, Calif., for nearly $54 million from Frontier Real Estate Investments

Nick Trombola can be reached at NTrombola@commercialobserver.com.