Albanese Cormier (AC) announced that it has closed the acquisition of the Rancho Las Palmas center, a 162,380-square-foot grocery and drug store-anchored shopping center located in Rancho Mirage. The property is anchored by Amazon Fresh, IN-N-Out Burger, CVS, Hobby Lobby, Starbucks, Wells Fargo, and a mix of specialty retailers and restaurants.
Originally built in 1980, Rancho Las Palmas recently underwent extensive exterior renovations in 2016 and 2022 and has established itself as the dominant community center in the Coachella Valley. The property is located at the high-traffic intersection of Highway 111 and Bob Hope Drive and features four outlet buildings, all of which include a drive-through.
“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,” said Clinton Mitchell, Chief Investment Officer for AlbaneseCormier.
“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, Albanese Cormier has been acquiring, managing, leasing, and developing real estate properties across the United States. The firm’s holdings exceed six million square feet of real estate.
