Los Angeles –– CBRE announced the sale of a 44,000 square-foot retail property in Palm Desert, Calif. to a private San Diego, Calif.-based investor for $12 million. CBRE’s Alan Krueger and Marco Rossetti represented the seller, Wohl Palm Desert LLC, an investment firm based in Orange County.
Palms to Pines East, located at 72811-72855 Hwy 111 & 72820-72880 El Paseo, is anchored by Staples and Revivals, a local AIDS charity, and sits across the street from the Westfield Mall.
The center is currently 100% percent occupied.
“CBRE was able to generate multiple offers the first week, and a buyer was chosen quickly with escrow closing in 30 days at above the listed price,” said Krueger. “Demand for well-located retail centers such as this one is quite high, especially in thriving markets with substantial population growth like the greater Inland Empire region.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
