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3/26/26
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Bucksbaum Properties LLC has acquired One El Paseo Plaza, a three-building, 86.8k sf mixed-use office campus in Palm Desert, in a $25.75 mil ($297/sf) transaction. The asset is located at 74-199 El Paseo Dr, and 74-225 and 74-245 Hwy 111, between Portola Ave and Deep Canyon Rd.
The property includes the office buildings and a single-story restaurant building situated on five acres. Major tenants include Morgan Stanley, Royal Bank of Canada, Wells Fargo Advisors, Compass Real Estate and Shogun Restaurant.
Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Senior Managing Director Scott Schumacher, Vice Chairman Ken White and Executive Managing Director Rick Reeder represented the undisclosed seller in the deal.
“One El Paseo Plaza has a long history of attracting solid credit financial, insurance and real estate-related occupiers due to the exceptional quality construction and design, as well as its central location in the heart of the Coachella Valley,” said Shannon. “The property includes the opportunity to enhance value through lease-up of the current vacancies as well as convert expiring below market rents given the lack of competing, premier Class A office assets in the Valley”.
Schumacher added, “Another attractive aspect of the opportunity is the zoning which allows for future redevelopment upside to accommodate a much higher density with additional uses and a less restrictive height limit.”
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