Red Mountain Group Inc. has acquired Indio Towne Center, a 560,000-square-foot regional power center anchored by grocery store WinCo located at 42100 Jackson Street in Indio, California, from an undisclosed seller for an undisclosed amount.
The shopping center is located on the I-10 Freeway and Jackson Street, with “highly visible” pylon signage and over 1,670 square feet of frontage overlooking the freeway, which carries more than 150,000 cars per day. Bill Bauman and Kyle Miller with Newmark Knight Frank, formerly with Savills Studley, brokered the transaction.
Indio Towne Center is the largest regional shopping center serving the east end of the Coachella Valley. WinCo Foods is the only large format grocery store in the region, which creates a customer draw from over a 15-mile radius. Other major tenants include Home Depot, 24 Hour Fitness, Party City, Petco, and CVS. National fast-food tenants include Taco Bell, KFC, Panda Express, Jack in the Box, McDonalds, Subway, and Starbucks.
The property also features a recently vacated 46,827-square-foot Toys R Us storefront, along with an undeveloped anchor building and shop pads, which will support an additional 141,000 square feet of building area. Red Mountain Group says the center falls within its core business model of re-tenanting and redeveloping centers with upside potential.
While in escrow, Red Mountain Group has signed leases with Marshalls and Burlington Coat Factory and is working with other national tenants to add to the existing tenant mix. Kristin Ambrose and Walter Pagel at CBRE are handling leasing efforts for the property.