Capital Square Realty Advisors Acquires 7-Building Retail Center in Southern California
PALM SPRINGS, Calif. (Jan. 12, 2015) – Capital Square Realty Advisors, LLC announced today it has acquired Komar Desert Center, a seven-building neighborhood retail center in La Quinta, Calif.
“Komar Desert Center is one of the newest developments along the Highway 111 corridor, located in the midst of Southern California’s affluent Coachella Valley area,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors. “This enviable location affords Komar Desert Center daily frontage traffic of nearly 60,000 motorists and easy access for the entirety of the regional populace.”
The approximately 77,000-square foot retail center is 95 percent leased to major tenants, including: Starbucks, BevMo!, Burgers and Beer, Toda Moda, Souplantation and Mimi’s Café. Located at 79705 – 79845 Highway 111, Komar Desert Center was constructed in 2008 on 9.3 acres of land. The property has 429 parking spaces, or a ratio of 5.5 spaces per 1,000 square feet. The property is shadow-anchored by a 139,000-square-foot Costco and is across Highway 111 from The Home Depot.
Komar Desert Center is on Highway 111, approximately three miles south of Interstate 10, which connects the Coachella Valley to Los Angeles to the west, and Phoenix to the east.
The Coachella valley is a collection of affluent resort communities that include Palm Springs, Palm Desert, La Quinta, Rancho Mirage, Desert Hot Springs, Indian Wells and Indio. The area typically has a warm climate, and with proximity to the Greater Los Angeles area, is a popular tourist destination throughout the year. The Coachella valley retail market has achieved positive net absorption for five of the previous six quarters.
About Capital Square Realty Advisors LLC
Capital Square Realty Advisors, LLC specializes in the creation and management of commercial real estate investment programs for Section 1031 exchange investors and discretionary (non-1031) investors using the Delaware Statutory Trust structure. Louis J. Rogers, founder and chief executive officer of Capital Square Realty Advisors, has been involved in the creation and management of more than 100 investment offerings totaling over $3 billion, including DST, tenant-in-common, numerous real estate funds, and multiple publicly registered non-traded real estate investment trusts.
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