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5/14/15
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Izumi Trust paid $1.7 mil, all-cash for a 3.4k sf ($500/sf) bank branch in La Quinta occupied by Provident, with four years remaining the lease term. The property closed at a cap rate of 5.12 percent.
Located on Hwy 111 and Simon Dr, the property is situated on .84 acres of land at a signalized intersection and is adjacent to one of the strongest retail intersections in all of Coachella Valley with more than 75,000 cars per day. The property is surrounded by many major retailers including Target, Costco, Stater Bros., Lowe’s Home Improvement, a recently opened Hobby Lobby, and a soon-to-be-built In-N-Out Burger across the street.
Donald MacLellan, senior managing partner, and Christopher Tramontano, managing director, with Faris Lee Investments, in cooperation with Brian Tracy of Retail Net Lease Properties, represented the seller, Paragon Commercial Group LLC. Izumi Trust, a 1031 exchange buyer, was repped by Daum Commercial.
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