CBRE’s Newport Beach Retail Team Completes 1,000th Sale

CBRE’s NRP – Newport Beach Retail Investment Team completed its 1,000th retail investment sale transaction with the closing of Komar Desert Center in La Quinta. Komar Desert Center consists of multiple pad retail buildings shadow-anchored by the only Costco in the Desert. It sold for $26.4 million to a private capital investor, completing a 1031 exchange. 

Simultaneous with the completion of the sale, team leader Phil Voorhees is stepping down from CBRE’s National Retail Partners platform to focus on private capital assets and clients, and personal investments. Voorhees and his longtime partner, John Read, will co-lead the private capital team and expand throughout the region. 

Jimmy Slusher will assume leadership of the Newport Beach National Retail Partners team, concentrating on institutional clients and premier retail assets. The Newport Beach NRP team is part of CBRE’s National Retail Partners platform and has completed nearly $14.8 billion in sales.

Regarding the team’s sales milestone, Voorhees said, “This is a day that is – at the same time – hard to imagine and inevitable. When I arrived at CBRE in 2001, Todd Goodman (retired) and Preston Fetrow already managed one of the few retail investment teams in the country focused solely on retail investments. Now we have closed the 1,000th retail investment sale transaction and expanded the team’s footprint to include strip centers and STNL investments.”