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Coachella Valley Office Sale Sets Pricing Benchmark
Progressive Real Estate Partners arranged the sale of the Indian Wells Medical & Professional Center at 74785 Hwy. 111 in Indian Wells. The 40,750-square-foot property sold for $10,525,000 in a 1031 exchange and is home to nationally and regionally recognized brands including Charles Schwab, RadNet, Mercer Financial and SBEMP Law.
The team of Greg Bedell, CCIM, SVP of investment sales, and Heather Sharp, SVP of retail leasing and sales, represented the seller, Miami-based Kresher Capital. The buyer, Orange County–based Circle Vision, handled its own representation.
Before listing the center for sale, Sharp led a major leasing effort, elevating occupancy from below 60% to over 90%. Bedell said, “This transaction represents the only sale of a leased investment office building over $10 million in the Coachella Valley during the past five years. Demand for core medical-office assets in high-performing suburban markets continues to rise, particularly in the Inland Empire, which currently has the lowest office vacancy rate in the nation.”
- ◦Sale/Acquisition
