RANCHO MIRAGE, Calif., April 17, 2024 /PRNewswire/ — Albanese Cormier (“AC” or the “Company”) announced that it has closed the acquisition of Rancho Las Palmas (“Rancho Las Palmas” or “The Property”), a 162,380 square foot, grocery and drug-anchored shopping center located in Rancho Mirage, California. The Property is anchored by Amazon Fresh, IN-N-Out Burger, CVS, Hobby Lobby, Starbucks, Wells Fargo and a mix of specialty retailers and restaurants.
Originally built in 1980, Rancho Las Palmas recently underwent extensive exterior renovations in 2016 and 2022 and has established itself as the dominant community center in the Coachella Valley. The Property is located at the high traffic intersection of Highway 111 and Bob Hope Drive and features four (4) outlot buildings, which all include a drive thru.
Rancho Mirage, and the surrounding Coachella Valley, has established itself as a residential and hospitality destination due to its renowned weather and amenity base. The Palm Springs MSA has experienced outsized population growth due to migration from other parts of Southern California and leisure demand.
“We are pleased to add Rancho Las Palmas to our growing portfolio of high performing open-air centers. This acquisition provides an attractive mix of investment-grade credit and necessity-based tenancy in an established, high growth market.” said Clinton Mitchell, Chief Investment Officer for Albanese Cormier. “We look forward to bringing exciting new concepts to the site that will complement the existing anchor base while serving the Rancho Mirage and greater Coachella Valley communities”.
Since 2001, AlbaneseCormier has been acquiring, managing, leasing, and developing real estate properties across the United States.
Through a clear vision, selective choices, creative hiring, skilled management and a dedicated staff, we have been able to consistently grow a sustainable business that has exceeded 6 million square feet of real estate since inception. As the industry continues to evolve, we are positioned to take advantage of opportunities as they are presented to us.
We are AlbaneseCormier.
Bryan Ley of JLL Capital Markets represented the seller.
Media Contacts:
Clinton Mitchell
[email protected]
SOURCE AlbaneseCormier
