NAI Capital Completes $10.6 Million Sale of Coachella Plaza
Coachella, CA, Wednesday, September 7, 2016– Senior Vice President Fariba Kavian with NAI Capital represented the seller Harrison Coachella 26 LLC on the sale of Coachella Plaza an 85,035 square foot community retail center. The sale price was $10,600,000 million or $124.65 per square foot.
The property located at 50249 Harrison Street, Coachella, CA was 78% leased at the time of the sale. Coachella Plaza was originally built in 1991 and was fully renovated in 2008 and again in 2014. It is anchored by 99¢ Only, Planet Fitness, and WSS Shoes. The center is also shadow anchored by Cardenas Market, Carl’s Jr., Little Caesars, Payless Shoes and Fred Loya Insurance. The property is situated on 6.46 acres of land. The site is located on the main retail thoroughfare in Coachella at the corner of Westerfield Way and Harrison Street. Coachella is located 134 miles east of Los Angeles at the crossroads of the I-10 Freeway, State Highway 111 and State Highway 86 (NAFTA Highway).
Kavian said, “This investment provided the buyer the opportunity to acquire a dominant well leased center at substantially below replacement value. With below market leases this investment translates into substantial residual value, diminished risk, and upside for the new owner through additional lease up while allowing the Seller to move on to other projects.”
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 375 offices and 6,700 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #00806840.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is the single largest, most powerful global network of owner-operated commercial real estate brokerage firms. NAI Global provides a full range of corporate real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. NAI Global Member firms, leaders in their local markets, are actively managed to work in unison and provide clients with exceptional solutions to their commercial real estate needs. Founded in 1978, today NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 6,700 local market professionals, managing over 380 million square feet of property. Supported by the central resources of the NAI Global network, Member firms deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.
NAI Global was acquired in 2012 by C-III Capital Partners, a leading commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, online capital markets, title services and multifamily property management. C-III’s principal place of business is located in Irving, TX, with additional offices in New York, NY, Greenville, SC and Nashville, TN.
To learn more, visit www.naiglobal.com.
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