Harsch bags SoCal shopping centers

Harsch Investment Properties acquired two community shopping centers in the Coachella Valley in Riverside County, Calif.

The total value of the transactions was more than $48 million.

San Francisco-based M&H Realty Partners sold Plaza La Quinta, a 124,152-square-foot shopping center in La Quinta, and One Eleven Town Center, a 141,786-square-foot shopping center in Palm Desert.

Plaza La Quinta occupies the southwest corner of the intersection of Washington Street and State Highway 111. Anchored by a recently remodeled and expanded Vons grocery, the project was 100 percent leased at the time of sale by 36 tenants, including Lumpy's Discount Golf and a Beer Hunter Restaurant.

One Eleven Town Center is located on the northwest corner of State Highway 111 and Town Center Way. Anchored by Best Buy and Cost Plus, the project was 95 percent leased at the time of sale by 27 tenants that include World Gym and Starbucks Coffee.

Portland, Ore.-based Harsch Investment Properties is a privately held real estate company.

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