A private real estate investment company based in the Southwest has sold a single-tenant net-leased Albertsons property located at 74590 CA-111 in Palm Desert, California, for $15.1 million to a high-net-worth repeat 1031-exchange investor. The 62,462-square-foot property is situated on the primary east-west thoroughfare, which experiences more than 40,000 vehicles per day.
The grocery asset is located near a number of national retailers, including Target, Whole Foods, CVS, Best Buy, Westfield Palm Desert Mall (a 98,041-square-foot center), and numerous country clubs. The property is also located within close proximity to multiple residential communities, local businesses, and schools, and there are more than 44,666 people living within a three-mile radius of it with an average annual household income in excess of $100,000.
Randy Blankstein, president, and Jimmy Goodman, partner, of The Boulder Group represented the seller in the transaction. According to Blankstein, “The market for standalone grocery properties remains active as investors are attracted to the superb locations these types of properties are located in.”
Goodman adds that the “asset sold in record time due to the strong sales history, low rent and the tenant’s long-term commitment to the location.”
Albertsons has 20 years remaining on its lease, and the property was renovated in 2015. The grocery brand has a strong operating and sales history at the location.