DRA Advisors and Paragon Commercial Group announced the sale of Rancho Las Palmas, a 162,380-square-foot grocery- and drug-anchored shopping center located within the Palm Springs MSA in Rancho Mirage, Calif.
JLL represented the seller. Albanese Cormier acquired the asset.
Sitting on more than 15 acres of land, the 96.5 percent leased center is anchored by soon-to-be-open Amazon Fresh, CVS and Hobby Lobby. The property also benefits from two drive-through restaurants, Starbucks and In-N-Out, and sees approximately 1.7 million annual visitors.
Situated at 42240–42540 Bob Hope Dr., Rancho Las Palmas is positioned off the main intersection of Highway 111 and Bob Hope Drive. There are numerous high-end resorts, such as the Ritz Carlton and Omni Rancho Las Palmas, in close distance of the property, supported by the local Palm Springs Airport’s three million annual passengers. The property benefits from additional nearby demand drivers including residential commun
