Palm Desert Net-Leased Retail Property Sells for $5M
Retail specialist Hanley Investment Group has arranged the $5 million sale of a recently constructed, two-tenant net-leased retail property in Palm Desert, CA. The asset, occupied by Mattress Firm and Club Champion, is on an outparcel to Walmart Neighborhood Market on Highway 111.
“We generated multiple qualified offers and secured an all-cash 1031 exchange buyer who had a vacation home very close to the property,” said Hanley Investment Group’s Eric Wohl who represented both parties in the transaction along with the firm’s CJ Kiehler. “This property is located on one of the highest profile intersections in Palm Desert and will provide the buyer with an excellent long-term investment with strong cash flow.”
The 6,800-square-foot property was build in 2019 and sits at an intersection that sees 63,000 cars per day. Mattress Firm is a mattress specialty retailer with more than 2,300 stores and Club Champion is an international golf club fitting retailer.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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