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.
By Nick Trombola December 11, 2023 2:21 pm
reprints
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.
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.
