A luxury shopping center in Palm Desert, CA - dubbed the "Rodeo Drive" of the Coachella Valley - has changed hands for $70 million. MadisonMarquette and El Paseo Properties Limited Partnership this week sold the 200,291 sq. ft. Gardens at El Paseo shopping center to Davis Street Land Co. Insignia/ESG's Capital Advisors team represented the sellers.
"El Paseo is located in a growing trade area that boasts an average household income well above the national average. The Gardens was 95% leased at the time of the sale, providing a stable, secure cash flow in an irreplaceable Class A location," says Insignia/ESG's Lawrence Krasner.
MadisonMarquette developed the Gardens complex, which has since become the centerpiece of El Paseo's retail quarter.
Saks Fifth Avenue anchors the dual-level, open-air retail/dining complex located at the heart of an eight-block complex of luxury boutique shops, restaurants and art galleries. Other retail tenants at The Gardens include Ann Taylor, Banana Republic, Pottery Barn, Tommy Bahama Café, Emporium and Williams-Sonoma. Tiffany's is expected to open this fall.