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4/03/24
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An L.A. County-based private investor paid $6.1 mil for a 33k sf ($185/sf) retail property in Desert Hot Springs in an all-cash purchase. The acquisition, which includes a multi-tenant shop building and two pad buildings, one of which is occupied by Chase Bank, is part of the Hacienda Palms shopping center which is anchored by a top performing Stater Bros.
Located at 13000-13160 Palm Dr, Hacienda Palms boasts excellent visibility and unobstructed frontage at the city’s primary commercial intersection of Hacienda Ave and Palm Dr with exposure to an average of 31,900 cars per day. The rapidly growing City has experienced a significant increase in its population over the last decade with over 81,000 residents currently living within a 15-minute drive of the property.
The tenant mix features a selection of daily needs services and food operators including Chase Bank, Wingstop, an Indian restaurant, donut shop, ice cream parlor, dentist, hair salon, insurance agency, self-car wash and an auto repair shop. Recent renovations to the well-maintained property include new paint, parking lot slurry and a resealed roof over the shop building.
Greg Bedell, CCIM, with Progressive Real Estate Partners represented the seller, an Orange County-based private investor. Heather Sharp, also with Progressive, procured the buyer, an L.A.-based investor who also owns other retail properties in the Coachella Valley.
“The excellent location and value-add opportunities made the property very attractive to the buyer,” commented Sharp. “The Coachella Valley has become a major Southern California destination for entertainment, retail and recreation leading to increased investor demand for retail properties that cater to both the year-round population of almost 500,000 residents as well as the thriving tourist market.”
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