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Classic Auction - Office

REO Sale – 88% Leased, Two-Story Office Building in Palm Desert

75030 Gerald Ford Drive, Palm Desert, CA 92211

ClosedJune 2nd, 2021
This asset was part of the May 5th 2021 sale event, resulting in a successful transaction that closed in just 28 days.

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  • Asset Type
  • Real Estate
  • Property Type
  • Office
  • Land Area
  • 1.39 Acres
  • Year Built
  • 2007
  • Number of Floors
  • 2
  • Number of Buildings
  • 1
  • Parking Count
  • 88
  • Occupancy
  • 88.40%
  • Occupancy as of
  • Feb 28, 2021
  • Office Type
  • Suburban Office
  • Property Size
  • 29,505 Sq Ft

Jewel Box, Class B Office in Premier Desert Community


Investment Highlights:

  • Secure Cash Flow:  Both tenants have more than five years remaining on their leases, providing investors with predictable future cash flow.
  • Committed Anchor Tenant:  Milan Institute is currently renovating their space (at their own cost) and consolidating additional operations into the Property, which further demonstrates their commitment to the building.
  • Stable Office Submarket:  Since 2012 and throughout Covid, Palm Desert’s office vacancy has only fluctuated by approximately two percent.
  • Value-Add Opportunity:  Unlock considerable value through lease-up of the in-place vacancy and rolling tenants to market at lease expiration.
  • Excellent Access and Visibility:  Direct access off the freeway via Cook Street exit and great freeway visibility.
  • Expected to Trade Significantly below replacement cost.  


Investment Overview:

Newmark and RealINSIGHT Marketplace are pleased to present the opportunity to acquire the fee-simple interest in University Center Professional Building (the “Property” or the "Building"), a 29,505 square-foot office building located in one of the most sought-after desert communities.

University Center Professional Building was delivered in 2007 and sits on a 1.39-acre parcel adjacent to the freeway. This two-story office building features concrete tilt construction with wood and steel framing. Heating and cooling to the building is provided by 23 Trane HVAC package units that sit on top of the flat, built-up-roofing system.

The Property is currently 88% leased by two tenants – Milan Institute (64% NRA) and HUB International Insurance Services (24% NRA). Both tenants have more than five years remaining on their leases, providing an investor with secure cash flow well into the future. Milan Institute is currently renovating their space, at their own cost, to consolidate additional operations into the Building, which demonstrates their commitment to this location.

An investor stands to benefit from significant upside that can be unlocked through lease-up of the in-place vacancy and rolling both tenants to market upon lease expiration. The Property is conveniently located with direct access off the freeway and provides excellent signage opportunities and  freeway visibility. Numerous retail/restaurant amenities are located within close proximity, making the Property an highly attractive option for tenants in the market.

Property Tours:

Property tours are available by appointment only. Please contact the Newmark team to arrange your tour.

Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

ClosedJune 2nd, 2021
This asset was part of the May 5th 2021 sale event, resulting in a successful transaction that closed in just 28 days.

Ready to sell your asset on the platform with the highest trade rate in the industry?
Get Started Today!

Need Help?

Have questions about Marketplace? You can reach us at 800.915.7015 or info@rimarketplace.com.

Auctioneer

  • Emilio Lemeni

    c/o Fisher Auction Company Inc.

    License: 00961384