Clinton Mitchell Of AlbaneseCormier Acquires Retail Property From David Luski In Rancho Mirage

The Rancho Las Palmas Shopping Center in Rancho Mirage, California, was acquired by AlbaneseCormier, based in Beaumont, Texas, from DRA Advisors for $47,750,000. The 170,490-square-foot retail center, located at 42452 Bob Hope Drive, was sold at a price per square foot of $280. The property features key tenants such as Amazon Fresh, IN-N-Out Burger, and CVS, and is strategically positioned at the intersection of Highway 111 and Bob Hope Drive.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $47,750,000
• Buyer: Clinton Mitchell - AlbaneseCormier
• Seller: David Luski - DRA Advisors
• Broker: Bryan Ley - JLL
• Address: 42452 Bob Hope Drive
• Market: Rancho Mirage

Clinton Mitchell, Chief Investment Officer for AlbaneseCormier, expressed excitement about the acquisition citing the investment-grade credit and necessity-based tenancy in a high-growth market. He plans to introduce new concepts to further enhance the anchor base of the shopping center and cater to the communities of Coachella Valley.