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Beacon Bags La Quinta Retail Center, Plans MXU
San Diego-based Beacon Realty Advisors acquired Jefferson Square, a partially built open-air retail center on roughly 10 acres in the Coachella Valley. The La Quinta property was bought with JV partner, Charlotte, NC-based Carolina Capital Real Estate Partners, from its original developer, Jacksonville-based Regency Centers for an undisclosed amount.
Beacon’s Omar Hussein says, “Platted into seven separate parcels, this property offers our firm a unique opportunity to create an in-demand, mixed-use asset that incorporates the center’s existing essential retail tenants with other uses. Our firm will be repositioning this property to take advantage of the excellent opportunities presented by recent shifts in micro and macro-economic factors”
The entire site infrastructure is complete with only half of the land fully developed. The asset at Fred Waring Drive and Jefferson Street is currently anchored by a CVS Pharmacy, and Beacon plans to pursue a grocery, home improvement, wellness or medical tenant for the existing vacant 14,000-square-foot box.
For comments, questions or concerns, please contact Dennis Kaiser
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