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5/07/24
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Albanese Cormier purchased Rancho Las Palmas, a 162.4k sf, grocery- and drug-anchored shopping center located within the Palm Springs MSA in Rancho Mirage. The asset was sold by DRA Advisors and Paragon Commercial Group.
Sitting on over 15 acres of land, the 96.5% leased center is anchored by soon-to-be-open Amazon Fresh, CVS and Hobby Lobby. The property also benefits from two drive-thru restaurants; Starbucks and In-N-Out, a unique competitive advantage due to zoning restrictions along Highway 111. Overall, the property sees approximately 1.7 million annual visitors.
Situated at 42240-42540 Bob Hope Dr, Rancho Las Palmas is ideally positioned off the main and main intersection of Hwy 111 (68,700 VPD) and Bob Hope Dr (27,400 VPD). The property sits in an affluent submarket of Palm Springs, with an average household income of $129,901 within a five-mile radius. In addition, there are numerous high-end resorts, such as the Ritz Carlton and Omni Rancho Las Palmas, in close distance of the property, supported by the local Palm Springs Airport’s three million annual passengers. The property benefits from additional nearby demand drivers, including residential communities, over 20 golf courses, the College of the Desert, The Gardens on El Paseo, the Eisenhower Medical Center and Disney’s new Cotino community.
Bryan Ley, Gleb Lvovich, Geoff Tranchina,Tim Kuruzar and Tess Berghoff with JLL Retail Capital Markets repped the seller in the deal.
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