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9/12/23
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A Riverside-based private investor paid $2.875 mil for a 2015-new construction, 3.5k sf ($821/sf) single-tenant property occupied by Bank of America in Palm Desert. The property was sold by an L.A.-based investor.
The freestanding Bank of America sits on 0.70 acres and has a drive-thru. The property is located at 39355 Washington St, at the hard-corner signalized intersection of Washington and Market Place and benefits from excellent exposure and visibility on Washington Street, one of the major north/south corridors in the Coachella Valley (46,350 cars per day).
The property is also strategically located across the street from Sun City Palm Desert, a 1,600-acre gated community featuring 5,000 homes and 9,000+ residents and is ideally positioned one block from the Interstate 10 (107,750 cars per day) entrance/exit for Washington Blvd. Retailers in the area include Stater Bros., EOS Fitness, Rite Aid, DaVita Dialysis, Del Taco, McDonald’s, Starbucks, Taco Bell, and Walgreens.
The property is adjacent to the planned Mirasera mixed-use development, which is expected to consist of up to 1,756 residential units, a 200-room hotel, 187.3k sf of retail, and 228.7k sf of business park space. Between 2000 and 2021, the area experienced a 65% increase in population within a three-mile radius.
Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the seller in the deal. The buyer was repped by Tyler Rollema at The Klabin Company. According to Asher, the transaction closed escrow at over 97% of the asking price.
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