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12/12/23
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A fully occupied, 8.5k sf multi-tenant retail pad property in Palm Desert traded hands in a $3.86 mil ($454/sf) transaction. The property, situated near the I-10 Fwy Washington St on/off ramp is anchored by a new Chipotle Mexican Grill with a drive-thru “Chipotlane.”
Built in 2008, the four-tenant retail pad sits on 1.01 acres at 39575 Washington St in the heart of Coachella Valley. Chipotle Mexican Grill occupies approximately 40% of the building with a new 10-year triple-net corporate lease. Other tenants include Cornerstone Pharmacy, Luxury Nails & Spa, and Keller Williams Realty Coachella Valley | Jelmberg Team.
The property is strategically located at a signalized intersection on Washington St, a major north/south corridor in the Coachella Valley (46,350 cars per day). It is ideally positioned one block from the I-10 entrance/exit for Washington Blvd (107,750 cars per day).
The Chipotle-anchored property is also directly across from Sun City Palm Desert, a 1,600-acre gated community with over 5,000 homes and more than 9,000 residents. Surrounding retailers include Stater Bros., EOS Fitness, Bank of America, DaVita Dialysis, Del Taco, McDonald’s, Starbucks, Taco Bell and Walgreens. The property is less than 2.5 miles from the new Acrisure Arena, an 11,000-seat indoor arena that opened in December 2022 and is home to an NHL minor league ice hockey team.
Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the seller, a private investor based in Los Angeles. The buyer, a private 1031 exchange investor from San Diego, was repped by Omar Hussein of Beacon Realty Advisors in Del Mar, CA.
The Coachella Valley attracts over three million visitors each year and hosts major events such as the Coachella Valley Music & Arts Festival (the world’s largest music festival, attracting over 250,000 visitors), the Stagecoach Festival (the second largest country music festival with over 85,000 visitors) and the Riverside County Fair & National Date Festival (attracting 315,000 visitors). The region is also home to four casinos and more than 130 golf courses.
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