IE Business Daily Business news for the Inland Empire.
A 44,0000-square-foot retail property in Palm Desert has been sold.
Wohl Palm Desert LLC in Orange County received $12 million for Palms to Pines East, CBRE announced Thursday.
The buyer was a private investor in San Diego whose name was not released.
“We were 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 Alan Krueger, senior vice president with CBRE, in the statement. “Demand for well-located retail centers such as this one is quite high, especially in thriving markets with substantial population growth like the Inland Empire region.”
Palms to Pines East, is at 72811-72855 Hwy 111 & 72820-72880 El Paseo. It is anchored by a Staples, is across the street from the Westfield Mall and is fully occupied, according to the statement.
