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78945 Highway 111 - Washington Park - Stein Mart, La Quinta, CA

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78945 Highway 111 - Washington Park - Stein Mart

La Quinta, CA 92253 - Coachella Valley Submarket

Property Type:Retail Sub Type:Freestanding Status:Existing Year Built:-
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.

Preston Properties
Thomas Beaty
(760) 574-8884

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