REZA Investment Group Inc. Sells Grocery Anchored Center
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Palms to Pines Shopping Center
Palm Desert, CA
OVERVIEW
Palms to Pines Shopping Center is a premier groceryanchored
Located in the high income, rapidly growing city
of Palm Desert, the property is anchored by Vons with
supporting tenants including Washington Mutual and
Verizon and is approximately 81,722 square feet. Palms
to Pines Shopping Center is situated along State Highway
111 and is located directly across from Westfi eld
Shoppingtown Palm Desert, the area's regional mall.
FINANCIAL HIGHLIGHTS
Sale Price: $17,400,000
Buyer: Royal Investors Group, LLC
(Los Angeles, CA)
Seller: SKB-PTP, LLC (Portland, OR)
QUOTE
We sold the property to the seller about three years
ago. At that time, there was uncertainty whether or not
the grocer, Vons, would renew their lease. The center
was tired and needed renovation. The seller renewed
the Vons lease, leased up the vacancies and remodeled
the exterior of the property. In addition, Vons completed
a stunning 4-wall remodel at their own expense. We
found a buyer who was looking for a stabilized property
in an "A" location that met the qualifi cations and timing
for their 1031 exchange."
Reza Etedali, CEO and Founder
Reza@REZAcompanies.com
(949) 833-3380
ABOUT US
REZA Investment Group, Inc. is the premier retail
investment advisory fi rm with a multi-billion dollar
transaction track record. We focus all of our resources
exclusively on shopping centers and retail investment
properties. Our transaction history ranges from high
profi le malls to neighborhood shopping centers. Both
our business model and transactions have been
nationally recognized.