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Hanley Investment Group Arranges $6.34M Sale Of Retail Property In Palm Desert

Property Image
SOLD
$6,340,000
Jeff Lefko
Bill Asher
CS

California

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Retail8,370 SF
Sold 11/06/2023
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Property Image
SOLD

Hanley Investment Group Arranges $6.34M Sale Of Retail Property In Palm Desert

Retail8,370 SF
Sold 11/06/2023
Jeff Lefko
Bill Asher
CS
the dealplayerscompscontact
Contact now

Summary

Asset Type:Retail
Price Per Square Foot:$757
Total Square Footage:8,370 SF
Transaction Type:Sale

A 1.18-acre retail property located at 3120 Dinah Shore Drive in Palm Desert, California, has been sold for a total price of $6,340,000. The property is a multi-tenant retail pad building spanning 8,370 square feet. The sale was arranged by Hanley Investment Group, a brokerage firm.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $6,340,000
  • Address: 3120 Dinah Shore Drive, Palm Desert, California
  • Market: Palm Desert
  • Asset Size: 1.18 acres

The seller of the property is Fountainhead Development, represented by Craig Smith, while the buyer is a private investor from Los Angeles. The buyer was represented by Yoram Katz of Peak Commercial during the transaction.

Hanley Investment Group, in collaboration with Bill Asher and Jeff Lefko, handled the brokerage duties for the sale. The 100% leased retail property attracted a private investor from Los Angeles, who recognized the potential of this property in Palm Desert.

Players

Bill Asher
Hanley Investment Group
Bill Asher
90 deals$653.6M volume
BROKER
Jeff Lefko
Hanley Investment Group
Jeff Lefko
88 deals$611.2M volume
BROKER
CS
Craig Smith
3 deals$10M volume
SELLER

Details

SOLD
IMAGE: Craig Smith, Bill Asher & Jeff Lefko DATE: 11/06/2023 ADDRESS: 3120 Dinah Shore Drive MARKET: Palm Desert ASSET TYPE: Retail ~ ACRES: 1.18 SELLER: Fountainhead Development - Craig Smith BROKERS: Bill Asher & Jeff Lefko (@JeffLef80) - Hanley Investment Group (@HanleyInvestmentGroup) SALE PRICE: $6,340,000 SF: 8,370 ~ PPSF: $757 NOTE: Hanley Investment Group arranged the $6.34 million sale of a 100% leased, 8,370-square-foot multi-tenant retail pad building in Palm Desert, California. The buyer was a private investor from Los Angeles, represented by Yoram Katz of Peak Commercial.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$22,524.69
Cash-on-Cash Return-1.27%
Monthly Debt Service$30,054.83
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