Progressive Real Estate Partners Brokers $4.4M Sale of Single-Tenant DaVita Dialysis in Indio, CA

Rancho Cucamonga, CA – October 11, 2023 – Progressive Real Estate Partners, the leading Inland Empire retail real estate brokerage firm, announced today the sale of a single-tenant DaVita Dialysis clinic located at 82900 Avenue 42 in Indio, California.  The property sold for $4,450,000 in a 1031 exchange transaction and traded at a 5.66% cap rate.  Conveniently located on the trade area’s primary retail corridor, DaVita is surrounded by over 900,000 square feet of national retailers and is less than a half mile from the I-10 freeway.

Progressive Real Estate Partners Senior VP of Investment Sales Greg Bedell, CCIM exclusively marketed the property and represented the seller, a private Los Angeles based investor.  Abel Mehrabi and Karl Markarian of JohnHart Real Estate represented the buyer who is also a Los Angeles based private Investor.

DaVita Dialysis is a Fortune 500 publicly traded company (NYSE: DVA) and one of the largest kidney care providers in the world with over 3,100 outpatient dialysis centers and $11.6B in annual sales (2022).   Prior to listing the property, Bedell worked with the seller to successfully negotiate a corporate backed 10-year lease renewal thru April 2033 with DaVita.  This extension significantly increased the property value and demonstrated their strong commitment to the well-established Indio location which opened in 2017.

The modern 14,000 square foot clinic is just 3.9 miles from the area’s largest regional hospital, JFK Memorial, and 50.4% of the households within a 15-minute drive are occupied by residents aged 55+. Furthermore, the average household income within a 5-minute drive exceeds $115,000.  Nearby retailers include Walgreens, Home Depot, Big Lots, WinCo Foods, Five Below, 24 Hour Fitness, Marshalls, Ulta and others providing caretakers the opportunity to shop while their loved ones undergo treatment.

According to Bedell, “The buyer was attracted to the strong DaVita credit backing the lease, the significant medical improvements invested by DaVita into the space making relocation less likely, the high traffic retail intersection, and the high average incomes surrounding the site.”

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. The firm is also the exclusive Inland Empire representative of the Retail Brokers Network (RBN).   Since the firm’s inception Progressive has completed over 1,200 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.