IE Business Daily Business news for the Inland Empire.
A retail pad in Palm Desert that is occupied by a Mexican Chipotle Grill has been sold for $3.8 million.
The 8,500-square-foot retail pad is located at 39575 Washington St. about one block from Interstate 10, according to Hanley Investment Group Real Estate Advisors.
Developed in 2008, the pad is also home to Cornerstone Pharmacy, Luxury Nails & Spa, and Keller Williams Realty. It is the 17th Chipotle property sold by Hanley Investment in the last two years.
Hanley Investment represented the seller, a private investor in Los Angeles whose name was not released. Beacon Realty Advisors in Del Mar represented the buyer, a San Diego investor who also wished to reman anonymous.
Terms of the transaction were not disclosed.
The property generated multiple offers and reached its “maximum market pricing,” according to Bill Asher, executive vice president of Hanley Investment and a member of the negotiating team.
The average household income within a three-mile radius of the property is $110,000, according to the statement.
Chipotle Grill better step up their game. I’ve tried 3 times dining there and all 3 times I was disappointed.