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Chipotle-Anchored Retail Pad Fetches $4M
Hanley Investment Group Real Estate Advisors arranged the sale of a fully occupied, multi-tenant retail pad property in Palm Desert. The property is anchored by a new Chipotle Mexican Grill with a drive-thru “Chipotlane” near the Interstate 10 freeway Washington Street on/off ramp and sold for $3.86 million.
EVPs Bill Asher and Jeff Lefko represented the seller, a private investor based in Los Angeles. The buyer, a private 1031 exchange investor from San Diego, was represented by Omar Hussein of Beacon Realty Advisors in Del Mar.
“We procured an all-cash 1031 exchange buyer and negotiated a 21-day due diligence period and a timely closing to help accommodate the buyer’s exchange requirement,” said Asher.
Built in 2008, the 8,500-square-foot, four-tenant retail pad sits on 1.01 acres at 39575 Washington St. in Coachella Valley. Chipotle occupies approximately 40% of the building with a new 10-year triple-net corporate lease. Other tenants include Cornerstone Pharmacy, Luxury Nails & Spa, and Keller Williams Realty Coachella Valley | Jelmberg Team.
- ◦Sale/Acquisition
