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Indian Wells Medical & Professional Center Sold for $10.5 Million in Landmark Coachella Valley Deal
Progressive Real Estate Partners has successfully brokered the sale of the Indian Wells Medical & Professional Center, located at 74785 Hwy. 111 in Indian Wells, California. The 40,750-square-foot facility was acquired for $10,525,000 in a 1031 exchange. The center is home to several prominent national and regional tenants, including Charles Schwab, RadNet, Mercer Financial, and SBEMP Law.
The transaction was facilitated by Greg Bedell, CCIM, Senior Vice President of Investment Sales, and Heather Sharp, Senior Vice President of Retail Leasing and Sales, who represented the seller, Miami-based Kresher Capital. The buyer, Circle Vision, based in Orange County, represented itself in the deal.
Prior to the sale, Heather Sharp spearheaded a comprehensive leasing initiative that significantly elevated the property’s occupancy rate from below 60% to over 90%.
“This transaction represents the only sale of a leased investment office building over $10 million in the Coachella Valley during the past five years,” stated Bedell. “Demand for core medical-office assets in high-performing suburban markets continues to rise, particularly in the Inland Empire, which currently has the lowest office vacancy rate in the nation.”
This sale sets a new pricing benchmark for office investments in the Coachella Valley and underscores the growing investor appetite in the region’s robust medical office sector.
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