California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
AlbaneseCormier Nabs Open-Air Center in Rancho Mirage
AlbaneseCormier closed the acquisition of Rancho Las Palmas, a 162,380-square-foot, grocery and drug-anchored shopping center located at located at the intersection of Highway 111 and Bob Hope Drive in Rancho Mirage. The property is anchored by Amazon Fresh, IN-N-Out Burger, CVS, Hobby Lobby, Starbucks, Wells Fargo and a mix of specialty retailers and restaurants.
Terms of the acquisition were not disclosed. Originally built in 1980, Rancho Las Palmas underwent extensive exterior renovations in 2016 and 2022.
“This acquisition provides an attractive mix of investment-grade credit and necessity-based tenancy in an established, high growth market,” said Clinton Mitchell, CIO for AlbaneseCormier. “We look forward to bringing exciting new concepts to the site that will complement the existing anchor base while serving the Rancho Mirage and greater Coachella Valley communities.”
Bryan Ley of JLL Capital Markets represented the undisclosed seller.
On May 1, join industry leading experts when they explore the most important topics in today’s CRE markets. Register to attend and hear expert insights first-hand, network with the best in the industry, and sit in on discussions you won’t hear anywhere else. The 8th Annual Connect Los Angeles 2024, May 1 at the Intercontinental Los Angeles Downtown.
- ◦Sale/Acquisition
