LA Investor Adds to Coachella Valley Retail Holdings

Progressive Real Estate Partners closed the sale of a 33,004 square-foot retail property at 13000-13160 Palm Drive in Desert Hot Springs. The $6.1-million all-cash sale included a multi-tenant shop building and two pad buildings, one of which is occupied by Chase Bank. The property is part of the Hacienda Palms shopping center, which is anchored by a top performing Staters Bros.     

Greg Bedell, SVP of investment sales at Progressive, listed the property on behalf of a private Orange County-based investor.  Progressive’s Heather Sharp, SVP of retail leasing and sales, procured the buyer, a private Los Angeles County-based investor who also owns other retail properties in the Coachella Valley.   

The tenant mix encompasses a selection of daily needs services and food operators. Along with Chase Bank, they include Wingstop, an Indian restaurant, a donut shop, an ice cream parlor, a dentist, a hair salon, an insurance agency, a self-car wash and an auto repair shop.

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