Progressive Real Estate Partners announced the sale of a medical-office building known as the Indian Wells Medical & Professional Center at 74785 Highway 111. The property was recently featured in one of our GPS Business Insider “What’s For Sale” series of articles that highlight commercial real estate properties and land for sale in the Greater Palm Springs region.
The 40,750-square-foot property, built in 1996, is home to several nationally and regionally recognized brands, including Charles Schwab, RadNet, and Mercer Financial, and was sold for $10,525,000 in a 1031 Exchange transaction.
Progressive Real Estate Partners’ Greg Bedell, CCIM, Senior VP of Investment Sales and Heather Sharp, Senior VP of Retail Leasing and Sales, represented the seller Kresher Capital, a Miami-based investment company. The buyer, Orange County–based Circle Vision, owns a portfolio of office and industrial assets in Orange County and Scottsdale, as well as agricultural properties across California, including Greater Palm Springs.
Heather Sharp of Progressive Real Estate Partners
Before listing the center for sale, Sharp led a major leasing effort that elevated occupancy from below 60% to over 90%, fully stabilizing the asset. She completed numerous transactions, including a Charles Schwab renewal, a 10-year renewal and expansion with RadNet, and the finalization of a new lease with Mercer Advisors.
According to Heather Sharp, “The buyer was attracted to the property’s irreplaceable location and its institutional quality tenant mix of national healthcare and financial brands.” She added, “In a submarket like Indian Wells, where new development is nearly impossible, assets like this are extraordinarily rare, and that scarcity continues to drive investor demand.”
Bedell noted, “This transaction represents the only sale of a leased investment office building over $10 million in the Coachella Valley during the past five years. 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.”
