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Private Buyer Snaps Up Palm Desert Retail
CBRE closed the sale of a 44,000-square-foot retail property in Palm Desert to a private San Diego-based investor for $12 million. The firm’s Alan Krueger and Marco Rossetti represented the seller, Wohl Palm Desert LLC, an investment firm based in Orange County.
Palms to Pines East, located at 72811-72855 Hwy 111 & 72820-72880 El Paseo, is anchored by a Staples and Revivals, a local AIDS charity, and sits across the street from Unibail-Rodamco-Westfield’s Shops at Palm Desert, which it owns with O’Connor Capital Partners. The center is currently 100% occupied.
“CBRE was able to generate multiple offers the first week, and a buyer was chosen quickly with escrow closing in 30 days at above the listed price,” said Krueger. “Demand for well-located retail centers such as this one is quite high, especially in thriving markets with substantial population growth like the greater Inland Empire region.”
- ◦Sale/Acquisition
