Located in La Quinta, California, Jefferson Square consists of a freestanding CVS, leased strip retail, vacant big box with strip retail and an additional 5.1-acre development ready pad. Carolina Capital (CC) partnered with Beacon Realty Advisors, a San Diego-based firm, and purchased the property in October 2020.
CC’s investment objective was to acquire a retail center with significant leasing, management and development upside. Carolina Capital plans to pursue multifamily, townhome, medical and hotel development opportunities for the vacant pad. Furthermore, CC believes the asset strongly benefits from heavy traffic at the intersection of Fred Waring Drive and Jefferson Street, infill location and residential growth in the area.
CC plans to assess all viable options to best reposition the asset throughout the hold.