Spirit’s affiliate acquired an approximately 33,855 SF, vacant box, formerly occupied by Circuit City, that is shadow anchored by a Trader Joe’s, Target and Lowe’s in the Washington Park Shopping Center located in La Quinta, CA. The Coachella Valley trade area includes La Quinta, Palm Desert, Indio and Rancho Mirage.
On September 17th, 2012, Spirit’s affiliates acquired a non-performing note secured by a ﬁrst trust deed on the Property in an oﬀ‐market transaction from a lender. On September 19, 2012 the JV Entity successfully foreclosed on the note thereby obtaining fee title to the Property. Since securing the Property, the Company has initiated an aggressive marketing strategy to attract a quality retail tenant and is currently in lease negotiations with a best in class retailer.