News release

Grocery-anchored shopping center within Palm Springs MSA sells

JLL Capital Markets arranged the sale of the 162,380-square-foot Rancho Las Palmas located in Rancho Mirage, California

May 06, 2024

Kristen Murphy

Capital Markets, Hotels & Hospitality and Value & Risk Advisory PR
+1 617 848 1572

LOS ANGELES, May 6, 2024 –  JLL Capital Markets announced today that it has completed 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, California.

JLL represented the seller, DRA Advisors and Paragon Commercial Group. Albanese Cormier acquired the asset.

Sitting on over 15 acres of land, the 96.5% leased center is anchored by soon-to-be-open Amazon Fresh, CVS and Hobby Lobby. The property also benefits from two drive-thru restaurants; Starbucks and In-N-Out, a unique competitive advantage due to zoning restrictions along Highway 111. Overall, the property sees approximately 1.7 million annual visitors.

Situated at 42240-42540 Bob Hope Dr., Rancho Las Palmas is ideally positioned off the main and main intersection of Highway 111 (68,700 VPD) and Bob Hope Drive (27,400 VPD). The property sits in an affluent submarket of Palm Springs, with an average household income of $129,901 within a five-mile radius. In addition, 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 communities, over 20 golf courses, the College of the Desert, The Gardens on El Paseo, the Eisenhower Medical Center and Disney’s new Cotino community.

The JLL Retail Capital Markets Investment Sales and Advisory team was led by Managing Directors Bryan Ley, Gleb Lvovich and Geoff Tranchina and Senior Directors Tim Kuruzar and Director Tess Berghoff.

“The sale of Rancho Las Palmas further illustrates the continued demand for dominant grocery and drug anchored shopping centers with strong further growth potential,” said Ley. “The sellers did a terrific job in executing their business plan over their hold period, and we look forward to all the growth ahead for the new buyer and the asset.”

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.                                          


About DRA Advisors

DRA Advisors LLC is a New York-based registered investment advisor with approximately 100 employees specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies. Since DRA was founded in 1986, the firm has opened additional offices in Miami and San Francisco while acquiring approximately $40 billion of real estate. The acquisitions include 87 million square feet of retail, 94 million square feet of industrial, 65 million square feet of office and 85,600 multifamily units. As of December 31, 2023, DRA has $12.9 billion in gross assets under management. 

 

About Paragon Commercial Group

Paragon Commercial Group was strategically formed by an institutional team of retail executives to capitalize on opportunistic investment into value-add acquisition and tenant-driven development opportunities in necessity-based retail shopping centers.  With over 100 years of collective retail experience, Paragon specializes in development and redevelopment of retail shopping centers in supply constrained and high barrier to entry markets. Paragoncommercialgroup.com

 

About Albanese Cormier

Albanese Cormier Holdings is a privately owned commercial real estate investment company based in Beaumont, Texas and is primarily focused on the acquisition and management of shopping centers, currently holding over six million square feet of 52 strategically located assets in 20 states.

 

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.