IE Business Daily Business news for the Inland Empire.
A retail property in Pam Desert occupied by a Walmart Neighborhood Market has been sold.
The site at 72314 Highway 111 sold for $13.5 million to a Chicago investor whose name was not released, according to a statement released by Newmark Knight Frank.
Paragon Commercial Group, a retail development firm in El Segundo, was the seller. It was represented by Newmark Knight Frank in the negotiations.
The property covers 45,648 square feet. The sale price worked out to approximately $296 per square foot.
The store is at Highway 111 and Fred Waring Drive, one of the busiest intersections in Palm Desert. It’s close to several other prominent retailers, including Whole Foods, Nordstrom Rack, Target, TJ Maxx and Best Buy.
Walmart has been on the site since October 2012.
Approximately 68,000 residents with average household incomes of more than $100,000 live within five miles of the property, according to the statement.
