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One El Paseo Plaza 3 Properties Offered at $29,430,000 in Palm Desert, CA
INVESTMENT HIGHLIGHTS
- ASSUMABLE DEBT
- Two (2) existing loans on the property totaling $16,429,520 ($3,029,520 loan at 5.27% and $13,400,00 loan at 6.69%)
EXECUTIVE SUMMARY
Newmark and Ocean Properties Development Corporation (“Broker”), as advisors to the Seller, presents One El Paseo Plaza (“OEP” or the “Property”), the Desert’s finest and only Class A, mixed-use development. OEP is located within the demographic and economic heart of the Coachella Valley at the prime intersection of two of the Desert’s most prominent streets – El Paseo Drive and Highway 111.
Currently 87.3% leased, OEP’s high quality, pride of ownership real estate includes two, low-rise Class A office buildings and a single standalone restaurant pavilion set on over 5 acres of impeccably maintained grounds. With a history of attracting top credit tenants from a wide variety of industries, OEP’s stellar rent roll includes Fortune 500 tenants Morgan Stanley and Wells Fargo Advisors, both long term tenants, in addition to a wide variety of well-known local and regional businesses that contribute to the Property’s historical success.
The One El Paseo Plaza offering provides an investor with the rare opportunity to acquire the finest and most recognizable commercial real estate asset in the Desert. This trophy real estate sits on over 5 acres of recently re-zoned land that accommodates highly sought after residential uses, a significantly higher density, and a substantial increase in height limit compared to what is currently utilized by OEP.
Currently 87.3% leased, OEP’s high quality, pride of ownership real estate includes two, low-rise Class A office buildings and a single standalone restaurant pavilion set on over 5 acres of impeccably maintained grounds. With a history of attracting top credit tenants from a wide variety of industries, OEP’s stellar rent roll includes Fortune 500 tenants Morgan Stanley and Wells Fargo Advisors, both long term tenants, in addition to a wide variety of well-known local and regional businesses that contribute to the Property’s historical success.
The One El Paseo Plaza offering provides an investor with the rare opportunity to acquire the finest and most recognizable commercial real estate asset in the Desert. This trophy real estate sits on over 5 acres of recently re-zoned land that accommodates highly sought after residential uses, a significantly higher density, and a substantial increase in height limit compared to what is currently utilized by OEP.
PROPERTY FACTS
| Price | $29,430,000 | Number of Properties | 3 |
| Price / SF | $338.92 / SF | Individually For Sale | 0 |
| Cap Rate | 7% | Total Building Size | 86,835 SF |
| Sale Type | Investment | Total Land Area | 1.92 AC |
| Status | Escrow |
| Price | $29,430,000 |
| Price / SF | $338.92 / SF |
| Cap Rate | 7% |
| Sale Type | Investment |
| Status | Escrow |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 86,835 SF |
| Total Land Area | 1.92 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
| 74199 El Paseo Dr, Palm Desert, CA 92260 | Office | 47,990 SF | 2001 | - |
| 74245 Highway 111, Palm Desert, CA 92260 | Office | 22,813 SF | 2003 | - |
| 74225 Highway 111, Palm Desert, CA 92260 | Retail | 16,032 SF | 1992 | - |
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One El Paseo Plaza
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