Hanley Investment Group Sets Record-Low Cap Rate With $2.88M Sale Of Bank Of America Property In Palm Desert

Hanley Investment Group Real Estate Advisors sold a single-tenant Bank of America property in Palm Desert for $2.88 million, setting a record-low cap rate for such sales in California in 2023. The property, located at 39355 Washington Street, is a retail asset with a total area of 0.70 acres. The transaction included a building with 3,515 square feet of space. The buyer, a Riverside County-based private investor, was represented by Tyler Rollema of The Klabin Company, while the seller was a Los Angeles-based private investor, represented by Hanley's Bill Asher and Jeff Lefko.

Summary of transation details

• Property Type: Retail
• Transaction Amount: $2,875,000
• Address: 39355 Washington Street
• Market: Palm Desert
• Size: 0.70 acres
• Square Feet: 3,515

The buyer's representative, Tyler Rollema of The Klabin Company, played a crucial role in facilitating the transaction. The seller's representatives, Bill Asher and Jeff Lefko from Hanley Investment Group Real Estate Advisors, showcased their expertise in handling the sale of the Bank of America property. The deal not only broke records for low cap rates in California but also highlighted the demand for single-tenant retail assets in Palm Desert. This successful transaction demonstrates the strength and potential of the real estate market in the area.