IE Business Daily Business news for the Inland Empire.
A 162,000-square-foot shopping center in Rancho Mirage has been sold.
Rancho Las Palmas, which sits on 15 acres at at 42240-42540 Bob Hope Drive, was sold recently for an undisclosed sum, according to a statement.
DRA Advisors, a New York-based real estate investment company, and Paragon Commercial Group, a retail developer in El Segundo sold the property. Information about the buyer was not disclosed.
JLL Retail Capital Markets represented the seller.
The shopping center’s tenants include CVS Pharmacy, Starbucks and In-N-Out, Burger. It will soon add Amazon Fresh, CVS Pharmacy and Hobby Lobby.
The average annual household income within a five-mile radius of Rancho Las Palmas is $130,000, and an estimated 1.7 million people visit the center every year, according to the statement.
