The 45,648-square-foot building in Palm Desert that currently houses a Walmart Neighborhood Market in Palm Desert just sold for a whopping $13.5 million.
A private investor from Chicago, bought the property from Paragon, who acquired the building from Toys “R” Us when it closed its store at the location. Walmart began operations at the site in October of 2012.
“This is a well-positioned and stable asset with approximately nine years remaining on the lease with one of the world’s most successful retailers,” said Kyle Miller, who represented Paragon in the sale.
According to the news release (via InlandEmpire.us), more than 68,000 residents with average household incomes in excess of $100,000 live within five miles of the property.