CBRE Announces Sale of 44,000 SF Retail Property in Palm Desert, Calif. to San Diego, Calif.-based Private Investor for $12 Million

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 a 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.”