DRA Advisors, Paragon Commercial Sell 162,380 SF Shopping Center in Rancho Mirage, California

RANCHO MIRAGE, CALIF. — A partnership between DRA Advisors and Paragon Commercial Group has sold Rancho Las Palmas, a 162,380-square-foot shopping center in Rancho Mirage, about 120 miles east of Los Angeles. The center sits on 15 acres and was 96.5 percent leased at the time of sale to tenants such as CVS, Hobby Lobby, Starbucks, In-N-Out Burger and a soon-to-be-open Amazon Fresh grocery store. Bryan Ley, Gleb Lvovich, Geoff Tranchina, Tim Kuruzar and Tess Berghoff of JLL represented the partnership in the transaction. Albanese Cormier acquired the asset for an undisclosed price.