CBRE has arranged a $3.7 million loan in the purchase of a class A office building in the Coachella Valley. The 18,341-square foot property is located at 34200 Bob Hope Drive in Rancho Mirage, California and commanded a total sale price of $7.1 million. The sale represented one of the highest price per square foot ($391) ever achieved for a freestanding office building in the Palm Springs area.
Geoffrey Harris, senior vice president with CBRE Capital Markets Debt & Structured Finance, arranged the acquisition financing for the 1031-exchange buyer, Kemp & Kell, LLC of Phoenix, Arizona. The bank loan was fixed for 10 years at 4.02 percent, first three years of interest only, thereafter 30 years of amortization.
The seller was California-based Vista San Jacinto, LLC and was represented by Gary Stache, Anthony DeLorenzo, Doug Mack and Marco Rossetti in CBRE’s Newport Beach office.
The property was 100 percent occupied at time of sale by MSA Consulting, Inc., one of the premier planning, civil engineering and survey firms in Southern California’s Coachella Valley.
“Our strong network of lenders allowed my team to quickly secure the best loan for the buyer and provide superior terms for this transaction,” said CBRE’s Harris. “As this was a 1031 transaction, it was important to close the deal within a particular timeframe, minimized expenses and create greater cash flow, all of which we were able to accomplish for our client.”