While some investors are shying away from the retail market, Beacon Realty Advisors is continuing to acquire new assets. The firm has purchased Jefferson Square in La Quinta in a joint venture partnership with Carolina Capital Real Estate Partners. While the sale price was not disclosed, Jefferson Square is a partially built open-air center on 10 acres.

"Beacon sees great potential in Jefferson Square. It is a diversified asset that presents a variety of opportunities for Beacon and third parties, whether it be for lease, sale, and/or redevelopment," Omar Hussein, founder and principal at Beacon Realty Advisors, tells GlobeSt.com. "Situated at one of the highest trafficked intersections in the Coachella Valley, Jefferson is highly visible and conveniently located, offering the region a variety of retail, medical and non-retail services.

In addition, the firm sees development potential for the property for multiple real estate strategies. "The property, which was platted into 7 separate parcels under previous ownership, creates a unique offering for developers or buyers interested in acquiring either a single parcel or combining parcels, depending on their real estate needs," adds Hussein.