IE Business Daily Business news for the Inland Empire.
A building in Palm Desert occupied by a Bank of America branch office has been sold for $2.8 million.
The 3,500-square-foot structure at Washington Street and Market Place Drive sold for $821 per square foot, the most paid for a Bank of America building in California to date this year, according to Hanley Investment Group Real Estate Advisors in Corona Del Mar.
Hanley Investment represented the seller, a private investor in Los Angeles. The Klabin Company in Torrance represented the buyer, a private investor in Riverside County.
The 3,500-square-foot building generated multiple offers and sold for more than 97 percent of its asking price, said Bill Asher, executive vice president with Hanley Investment.
Besides being at one the Coachella Valley’s busiest intersections, the building is across the street from Sun City Palm Desert, a 1,600-acre gated community with 5,000 homes and more than 9,000 residents, according to the statement.
