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78945 Highway 111 - Washington Park - STEIN MART- PRICE REDUCED TO $8,300,000, La Quinta, CA

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78945 Highway 111 - Washington Park - STEIN MART- PRICE REDUCED TO $8,300,000

La Quinta, CA 92253 - Coachella Valley Submarket

Property Type:Retail Sub Type:Freestanding Status:Existing Year Built:2004
Building Size:36,000 SF Land Area:3.97 AC (172,933 SF)
For Sale Price:$8,300,000 Price/SF:$230.56
Cap Rate:6.00 %
Parking:Free Surface spaces are available; Ratio of 8.01/1,000 SF Anchor Tenants:Stein Mart
Features:Bus Line, Signalized Intersection

Sale Notes:
Stein Mart is a 36,000 square foot freestanding building located in La Quinta, California. It is part of Washington Park, a 600,000 square foot Power/Lifestyle Center. Stein Mart originally signed a 15 year lease that commenced in 2004 that included a rental increase in the ninth year of the lease and further increases in each of the three (3) five (5) year Option periods. They have already exercised their first five (5) year option. Stein Mart is a publicly traded company with over 5000 employees located in 278 stores in 30 states. Their 2015 Annual Corporate Sales were $1.263 Billion. Their stock trades on NASDAQ under the ticker symbol SMRT.

Stein Mart is located on Highway 111, which is the main transportation corridor through La Quinta and the entire Coachella Valley. The traffic count is in excess of 80,000 vehicles per day. It is one of the anchor retail properties in the Washington Park Center. Other anchors in the center include Target, Lowe's, Cost Plus, Trader Joe's, Century Theaters, and several other retail tenants.The property is directly across Highway 111 from the One Eleven La Quinta Center, a 180,000 square foot power center anchored by Kohl's, Hobby Lobby, Ross, Petco, and Stater Bros. Market. There are several other major retailers in close proximity that include Costco, Walmart, The Home Depot, Smart and Final, Aldi Market, In-N-Out Burger, Chase Bank, Best Buy, Wells Fargo, DSW, and several more. La Quinta "The Gem of the Desert", is an affluent resort city and is the leading golf destination in the US.

El Paseo Realty Group
Thomas Beaty
(760) 574-8884

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