Progressive Real Estate Partners Arranges $6.1M Sale of Retail Property in Desert Hot Springs, CA

Palm Desert, CA – April 2, 2024 – Progressive Real Estate Partners, a leading Inland Empire and Coachella Valley retail brokerage firm announced the sale of a 33,004 square-foot retail property at 13000-13160 Palm Drive in Desert Hot Springs, California. The $6.1M all-cash sale included a multi-tenant shop building and two pad buildings, one of which is occupied by Chase Bank.  The property is part of the Hacienda Palms shopping center which is anchored by a top performing Staters Bros.

Progressive Real Estate Partners represented the buyer and seller. Greg Bedell, CCIM, Senior VP of Investment Sales listed the property on behalf of a private Orange County based investor.  Heather Sharp, Senior VP of Retail Leasing and Sales procured the buyer, a private Los Angeles County based investor who also owns other retail properties in the Coachella Valley.

The tenant mix features a selection of daily needs services and food operators including Chase Bank, Wingstop, an Indian restaurant, donut shop, ice cream parlor, dentist, hair salon, insurance agency, self-car wash and an auto repair shop. Recent renovations to the well-maintained property include new paint, parking lot slurry and a resealed roof over the shop building.

Progressive Real Estate Partners Arranges $6.1M Sale of Retail Property in Desert Hot Springs, CAHacienda Palms boasts excellent visibility and unobstructed frontage at the city’s primary commercial intersection of Hacienda Avenue and Palm Drive with exposure to an average of 31,900 cars per day.  The rapidly growing City has experienced a significant increase in its population over the last decade with over 81,000 residents currently living within a 15-minute drive of the property.

Furthermore, Desert Hot Springs is part of the Coachella Valley, a vibrant tourist destination with its natural hot and cold mineral springs, golf courses, hiking trails and proximity to Joshua National Park, San Jacinto Mountains National Monument and the popular Coachella Valley annual music festivals.

Heather Sharp commented, “The excellent location and value-add opportunities made the property very attractive to the buyer.  The Coachella Valley has become a major Southern California destination for entertainment, retail and recreation leading to increased investor demand for retail properties that cater to both the year-round population of almost 500,000 residents as well as the thriving tourist market.”

Greg Bedell added, “Despite continued headwinds in the capital market environment, demand for well-positioned grocery anchored retail properties remains strong. We were able to generate significant offer activity on the asset, ultimately leveraging Heather Sharp’s 20+ years of experience in the Coachella Valley and our new Palm Desert office to identify a highly capable all-cash buyer with a track record in the trade area. We went from list-to-close in just 78 days, well below the current 255 average days on market for Inland Empire multi-tenant retail (as reported by CoStar).

About Progressive Real Estate Partners

Progressive Real Estate Partners (PREP) is a boutique commercial brokerage firm headquartered in Rancho Cucamonga, California. Founded in 2008, the firm specializes in the leasing and sale of retail properties in Southern California’s Inland Empire, San Gabriel Valley and Coachella Valley. The firm is also the exclusive Inland Empire representative of the Retail Brokers Network (RBN).  Since the firm’s inception Progressive has completed over 1,650 lease and sales transactions valued at more than $1.8B in over 35 cities throughout the region.  Progressive uses the latest marketing and brokerage techniques to help retailers and property owners achieve their real estate goals.