CBRE’s Newport Beach Retail Investment Team has achieved a significant milestone with the completion of its 1,000th retail investment sale transaction. The team recently closed the sale of Komar Desert Center in La Quinta for $26.4 million to a private capital investor as part of a 1031 exchange.
In conjunction with this achievement, team leader Phil Voorhees will be shifting his focus to private capital assets and clients, as well as personal investments. He will continue to work alongside longtime partner John Read in leading the private capital team and expanding their presence throughout the region.
Meanwhile, Jimmy Slusher will take over leadership of CBRE’s National Retail Partners team in Newport Beach, focusing on institutional clients and premier retail properties. This branch is part of CBRE’s larger National Retail Partners platform which has completed an impressive $14.8 billion in sales.
Reflecting on this accomplishment, Voorhees stated that it was both hard to imagine yet inevitable given how far they have come since he joined CBRE back in 2001 under Todd Goodman (now retired) and Preston Fetrow who managed one of few retail investment teams at that time solely dedicated to retail investments. Now having expanded their reach into strip centers and STNL investments along with closing their 1000th transaction is truly remarkable.
