IE Business Daily Business news for the Inland Empire.
A Palm Desert building occupied by Mattress Firm and Club Champion has been sold for $5 million.
The three-year-old structure is on a small parcel at Highway 111 and Fred Waring Drive, an intersection that accommodates an estimated 63,000 vehicles a a typical day, according to a statement released Tuesday.
Hanley Investment Group Real Estate Advisors, a real estate brokerage and advisory firm in Corona Del Mar, represented both parties in the sale.
The seller was Sage Investco, a Newport Beach developer. The buyer is a private investor in Salt Lake City whose name was not released.
The property, which generated multiple offers, is next to a shopping center anchored by a Walmart Neighborhood Market. Tenants include a Shell service station, Jiffy Lube and a Marriott SpringHill Suites Hotel.
Other retailers nearby include Target, Whole Foods Market, Nordstrom Rack, PGA Superstore, Trader Joe’s, Best Buy and Aldi, according to the statement.
