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NEWPORT BEACH, CA-Marino Investments has acquired 13 acres of raw land in La Quinta from Coral Mountain Partners LLC for a 110,000-sf retail center to be anchored by a supermarket and a drugstore. Principal Jim Marino tells GlobeSt.com that the company expects to begin construction late this year or early next year on the first phase of the center, which will be about 40,000 sf.

The development site occupies the southeast and southwest corners of 58th and Madison in La Quinta, with approximately five acres on the southeast corner and eight acres on the southwest. The first phase will take shape on the five-acre portion of the site, with construction on the 70,000-sf second phase most likely to begin about a year later, Marino tells GlobeSt.com.

“The schedule on the second phase depends mainly on the grocery store, but right now it looks like about a year after the first phase,” Marino comments. He has enlisted Nadel architects to create a design that he says will evoke the Andalusia regon in South Central Spain.

Although no tenants have signed yet, Marino says that prospective tenants have shown “lots of interest” in both phases of the development. Tenants who are looking at the property include drugstores, banks, coffee chains, supermarkets and others.

Marino Investments is a development, investment and asset management firm. The Newport Beach-based company has developed retail, residential, office and mixed-use projects in Arizona and California, including projects in Orange County and the Inland Empire.

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