Rare Palm Desert MOB Sells in 1031-Exchange

A medical office building located at 72415 Park View Dr. in Palm Desert was constructed in 2004, designed as a build-to-suit for a dental practice and related services. The 9,257-square-foot building sits on two parcels that total more than 1.5 acres.

The asset recently sold to a private buyer for $4.3 million.

CBRE’s Cray Carlson and Kevin Sin represented the buyer, a local private investor, in the transaction. Wilson Meade’s Noel Ramos represented the seller, a local private investor.

“This property was part of our client’s 1031-Exchange from multifamily to a net-leased medical office,” said Sin. “This is the only dental group of its kind in the Coachella Valley with state-of-the-art technology.”

The property currently houses a dental facility including two orthodontists, a periodontist and endodontist.

“This type of property becomes available maybe once every decade,” Ramos adds. “Its design and construction standards make it one of the premier buildings in the Coachella Valley. Add to this the fact it’s a specialized dental practice in operation for 50 years, and you had an outstanding purchase opportunity for the buyer.”

Palm Desert is the geographic center of the Coachella Valley. More than 50,000 year-round residents live here.