PALM DESERT, CALIF. — Paragon Commercial Group has sold a single-tenant, 45,648-square-foot, Walmart-occupied property in Palm Desert. A private investor from Chicago acquired the property for $13.5 million.
William Bauman, Kyle Miller and Matthew Schwartz of Newmark Knight Frank represented seller in the transaction while Mike Mintz of Millennium Properties represented the buyer.
The property sold at a cap rate of 5 percent and a price per square foot of approximately $296. The triple-net leased asset is situated on 5.37 acres at 72314 Highway 111.