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4/07/15
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A 93.08-acre land parcel occupied by an operating wind farm in Palm Springs was purchased by a private real estate investor for $1.575 mil. The property, located at the Indian Canyon Drive exit off Hwy 10 in Palm Springs, is operated by Windpower Partners 1993 LLC, a wholly owned indirect subsidiary of Juno Beach, FL-based NextEra Energy Resources LLC.
Windpower Partners will continue to operate the wind farm on the land. As is common with wind farms, Windpower Partners does not own the land but rather operates under an easement granted for 34 years. In 2012, the company invested $5 mil in five new, state-of-the-art wind turbines for the facility that generate 1.5 megawatts (MW) per turbine.
The seller, a family-owned investment company, divested the property following the death of its major shareholder. John Battle, SIOR, and Matt Benwitt of Lee & Associates-LA North/Ventura brokered the sale. Brian Ward, also with Lee, assisted with the transaction.
“This is a highly prized investment because the tenancy offers long-term stability with excellent returns and requires no management,” said Battle, who represented the buyer, Palm Investment Group LLC, and the seller, Chem Quest Inc.
“This was the fourth property sale we transacted on behalf of this owner,” said Battle. “The listing generated a lot of interest due to the returns these investments generate and the growing interest in alternative energy sources.”
California leads the nation in wind generation capacity largely from three of the state’s regions: Altamont Pass near San Francisco, Tehachapi Pass near Bakersfield and the San Gorgonio Pass in the Palm Springs area. It’s no surprise that the vast majority of wind generating facilities are located in mountain passes, since these wind turbines need wind speeds of at least 13 miles per hour to operate.
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