The Rancho Las Palmas Shopping Center, a prominent retail destination in Rancho Mirage, California, has recently changed ownership. On April 16th, AlbaneseCormier, a Beaumont, Texas-based entity, completed the purchase for $47,750,000, translating to a price per square foot of $280, according to public documents provided by research firm Vizzda.
The seller, New York-based DRA Advisors, had owned the 170,490-square-foot center since September 2017, when it acquired it for $41,425,000.
AlbaneseCormier announced in April that it acquired Rancho Las Palmas, although at the time it did not disclose the purchase price. The property is a prominent regional shopping center with tenants like Amazon Fresh, IN-N-Out Burger, CVS, Hobby Lobby, Starbucks, and Wells Fargo. The center, originally constructed in 1980, has undergone significant exterior renovations in 2016 and 2022 and is a dominant community staple in the Coachella Valley. Located at 42452 Bob Hope Dr. in Rancho Mirage, the property is located in a high-traffic location at the intersection of Highway 111 and Bob Hope Drive.
“We are pleased to add Rancho Las Palmas to our growing portfolio of high performing open-air centers. This acquisition provides an attractive mix of investment-grade credit and necessity-based tenancy in an established, high growth market.” Clinton Mitchell, chief investment officer for Albanese Cormier was quoted in a report in the Palm Springs Trubune. “We look forward to bringing exciting new concepts to the site that will complement the existing anchor base while serving the Rancho Mirage and greater Coachella Valley communities.”
Since 2001, AlbaneseCormier has been a key player in acquiring, managing, leasing, and developing real estate properties across the United States, according to the firm’s website. The company attributes its success to a clear vision, selective investment choices, creative hiring practices, skilled management, and a dedicated staff. These factors have fueled consistent growth, resulting in a portfolio exceeding 6 million square feet of real estate, the firm stated.
Bryan Ley of JLL Capital Markets represented the seller in this transaction.
