LA QUINTA, CA-Portland, OR-based Harsch Investment Properties has purchased two community shopping centers here and in Palm Desert for $48 million, Harsch reports.The properties are the 124,152-sf Plaza La Quinta at the southwest corner of Washington Street and State Highway 111 in La Quinta, and the 141,786-sf One Eleven Town Center on the northwest corner of State Highway 111 and Town Center Way in Palm Desert. The seller was M&H Realty Partners, with Jeff Weber of Eastdil Realty in San Francisco representing both parties. Harsch has wanted to diversify its retail portfolio geographically and has been looking at opportunities in the Palm Desert area for some time, says Jordan Schnitzer, president of Harsch Investment Properties. He calls the locations of the two centers two of the best retail corners in the Coachella Valley. Schnitzer says Harsch was attracted to the Coachella Valley by its growing development. The area features more than 100 golf courses, along with resorts and golf course communities.Plaza La Quinta is anchored by a recently remodeled and expanded Vons grocery and is 100% leased. One Eleven Town Center, which is situated between the 870,000-sf Westfield Shoppingtown Palm Desert and the 515,000-sf Desert Crossing, is 95% leased with 27 tenants. It is anchored by Best Buy and Cost Plus.Privately held Harsch Investment Properties acquires and develops properties for its own portfolio. With the purchase of the two Coachella Valley centers, Harsch Investment’s retail portfolio now totals in excess of 2.7 million sf. The company currently owns and operates 125 properties in seven states including Oregon, Washington, California, Nevada, Arizona, Colorado and Oklahoma. Its other holdings in Southern California include the eight-building, single-story retail and commercial Von Karman Plaza in Irvine.

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