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4/16/18
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Eight fully leased condominium units totaling 40k sf within a Class A medical office building in Rancho Mirage traded hands in transactions totaling $16.3 mil. The units were purchased by Milwaukee-based Hammes Partners from five separate sellers in an off-market, sale-leaseback transaction.
Completed in 2008, the majority of the units in the one-story property are leased to Eisenhower Health. The property is located at 72780 Country Club Dr at the “main and main” intersection of Country Club Dr and Monterey Ave in Rancho Mirage, a high barrier-to-entry market with robust demographics. The property is less than two miles from the 463-bed Eisenhower Medical Center, the dominant hospital in the area. As part of the transaction, the sellers signed long-term triple-net leases.
Evan Kovac, Andrew Milne and Trent Jemmett with HFF represented the sellers in the negotiations.
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