October 27, 2016
Newport Beach, CA-based Citivest Commercial Investments, LLC acquired Town Center Plaza, an 82,000-square-foot retail property in Palm Desert, CA for $19.8 million.
Constructed in 1993, Town Center Plaza is located in Coachella Valley’s core retail district. Tenants include Trader Joe’s, Michael’s, Banner Mattress, Tuesday Morning, Fisherman’s Market and Grill, Clemintine’s Bakery, Mama Liveri’s Italian Bistro, The Palms Café, and Uncle Don’s Hobbies.
Colliers International’s Bill Barnett and Doug Hogan represented the buyer. Bobby Whitney, an independent broker represented the seller, Town Center Plaza, LP.
Barnett says, “There is a continued, strong desire by investors to acquire well-located grocery anchored neighborhood shopping centers in Southern California similar to this property.”
For comments, questions or concerns, please contact Dennis Kaiser
Tags: acquisition, Citivest Commercial Investments, coachella valley, Colliers International, grocery-anchored, inland empire, neighborhood shopping centers, Palm Desert, retail, Town Center Plaza, trader joe's