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PALM DESERT, CALIF. — Passco Companies Development has closed escrow on Washington Square, a 50,000-square-foot retail development center in Palm Desert. Located at Washington Street and Market Place, the 6-acre development is currently anchored by a 17,000-square-foot Rite Aid. With all other site work throughout the project complete, Passco is able to build out to ground lease five additional pad sites. The purchase price for the land, site improvements and Rite Aid structure was $12.5 million. Bank of the West provided an A&D loan totaling approximately $11.5 million for the acquisition. Paul Bitoni of Marcus & Millichap Investment Brokerage represented both parties in the transaction. The seller was not disclosed.