June 27, 2017
Hanley Investment Group Real Estate Advisors completed the $8.9-million sale of a two-tenant retail building occupied by T.J. Maxx and ULTA Beauty at 78-825 Highway 111 in La Quinta, CA. The 33,708-square-foot pad building is part of Washington Park Shopping Center.
Remodeled in 2016, the building is situated on 3.61 acres at the signalized intersection of Highway 111 and Simon Drive. T.J. Maxx and ULTA Beauty feature two new corporate-backed long-term leases.
Hanley’s Bill Asher and Ed Hanley represented the seller, a private SoCal partnership. Gelber Realty Corporation’s Steven Gelber represented the all-cash 1031 exchange buyer, a private Los Angeles investor.
Asher says, “These types of investments have become a very good alternative for passive investors, especially leased to corporate tenants such as T.J. Maxx and ULTA Beauty, which are two corporate junior-box tenants that are continuing to expand and thrive in an ever-changing retail market of consolidation and right-sizing.”
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