CBRE’s Newport Beach Retail (NRP) Investment Team has completed its 1,000th retail investment sale.

Komar Desert Center in La Quinta, California, consists of multiple pad retail buildings shadow-anchored by the only Costco in the Desert. The property sold for US $26.4 million to a private capital investor with the contract involving a deferred capital gains (1031) exchange. 

Led by CBRE Vice Chairman, Phil Voorhees, the NRP team’s successful 1,000 retail investment sale transactions include 359 anchored shopping centers, 267 strip shopping centers, 356 single-tenant-net-leased (STNL) investments, and a variety of other retail properties with a total value of almost US $14.8 billion and area of over 75 million square feet. Since 2012, the team has achieved an average of 97% of the list price on 581 closed transactions, amounting to nearly US $8.8 billion. It consists of 19 members and leverages CBRE’s extensive resources to deliver exceptional results for institutional and private clients. 

Voorhees says: “When I arrived at CBRE in 2001, Todd Goodman [now retired] and Preston Fetrow already managed one of the few retail investment teams in the country focused solely on retail investments. Now we have closed the 1,000th retail investment sale transaction and expanded the team’s footprint to include strip centers and STNL investments.

“The team’s remarkable track record of accuracy and consistency over more than two decades is extremely gratifying.”

Voorhees will be stepping down from CBRE’s National Retail Partners platform to focus on private capital assets and clients, and personal investments – working with longtime partner, John Read, who will co-lead the private capital team’s expansion in the region. 

Jimmy Slusher will assume leadership of the Newport Beach National Retail Partners team, concentrating on institutional clients and premier retail assets. The Newport Beach NRP team is part of CBRE’s National Retail Partners platform, a national group covering every region around the country advising real estate investment trusts (REITs), operators, developers and pension fund clients, the institutional cohort targeting larger format retail investments.  

“In hindsight, the team laid a foundation of success, one successfully closed transaction at a time,” says Slusher. “We’re grateful for many repeat clients and working at a great company that has supported the team over the years.” 

Read adds: “Variety is the spice of life, and that could not ring truer than with the variety of clients and retail investments our team represented over many years.

“While our 1,000th sale is a significant milestone, we approach every assignment and transaction with the same level of passion and process, regardless of its size. We are grateful for our clients’ trust in our ability to execute and represent their best interests, which has been instrumental in our success.” 

Slusher will lead National Retail Partner’s efforts in the region with Voorhees and Read handling private client opportunities.

The two separate teams will be positioned to service a wide variety of retail investment matters across the region. Long recognized as industry-leading retail investment experts, the teams continue to specialize in portfolio sales, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities.

View property listings at www.nrp-west.com and www.retailipwestlistings.com.

We are grateful for our clients’ trust in our ability to execute and represent their best interests, which has been instrumental in our success.