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Old La Quinta Sam's Club lot sold for $7.2M
A big-box retail center along Highway 111 in La Quinta, vacated by Sam's Club in early 2010, has been acquired by Barker Pacific Group and its financial partner, URDANG, officials connected with the sale announced Friday.
The all-cash purchase price was reported to be $7.2 million.
The former Sam's Club facility, built in 2007, is a 138,000-square-foot, single-story building on 14 acres. The site has 633 spaces, with the possibility for another 50 parking stalls. A contiguous 1.25-acre parcel was included in the sale.
"We feel the strength of this location will be attractive to a number of tenants desiring a foothold in a traditionally strong retail corridor," Michael Barker, managing director of San Francisco-based Barker Pacific Group, said in a statement.
The building is sandwiched between two major traffic generators, Super Walmart and Costco. It's also close to several national retail tenants.
Maggie Montez of CB Richard Ellis' office in Indian Wells represented the seller, Walmart. Sam's Club's closure last year represented a consolidation of stores.
Barker said the company and its leasing team is already in discussion with several potential tenants about leasing opportunities, but candidates were not disclosed.
URDANG, part of BNY Mellon Asset Management, made its share of the investment through Urdang Value-Added Fund II LP, a private real estate fund managed by Urdang Capital Management Inc.
"We are acquiring a well-located, high-quality asset at an attractive basis well below replacement cost," said Jeff Reder, senior vice president of Urdang Capital Management.
"Our partnership's ability to complete an all-cash purchase and invest future capital into the project provides us the flexibility to adaptively reuse the existing space to accommodate a variety of potential tenant needs."
Debra Gruszecki covers tourism, restaurants, CVEP and Indian gaming for The Desert Sun. She can be reached at Debra.Gruszecki@thedesertsun.com or (760) 778-4643.
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