Palm Desert, CA (08/15/2014) – Kraemer Land Company, Inc. announced the sale of Plaza de Hacienda, a +/- 149,000 SF grocery-anchored shopping center located in the city of Palm Desert, to a private investor group for $24.0 Million. The transaction was contingent upon the buyer’s successful assumption of the existing loan and required additional time to restructure the encumbered parcels.

The sale of the Plaza de Hacienda was made possible by the recent lease extension with Albertson’s Supermarket. “As with any investment sale, timing is critical,” stated Brett S. Albrecht, President, Kraemer Land Company, Inc., “The seven-year lease extension by Albertson’s combined with cap rate compression for grocery-anchored centers made this a wonderful opportunity to sell an older asset in the lower desert.”

Kraemer Land Company, Inc. commenced its search for replacement property(s) in Southern California in order to satisfy its 1031 tax-deferred exchange. The replacement property must be closed on or before February 10, 2015.

ABOUT PLAZA DE HACIENDA

Plaza de Hacienda is located in the City of Palm Desert on the west side of Washington Street, between 42nd Avenue and Avenue of the States.

Parcel 1 comprises a 10.06-acre parcel improved with a community shopping center. Constructed in 1993, this parcel contains 123,692 square feet of commercial retail space and 8,303 square feet of second floor office space. The shopping center includes an Albertsons Market, CVS, and a variety of satellite stores.

Out parcels consist of three (3) separate parcels. These improved parcels contain a 6,200 square foot  Jiffy Lube that was constructed in 1999 on a 21,344 SF site, a 4,500 SF car wash on a 25,265 SF site and a 6,552 SF retail building completed in 2005 occupied by Starbucks, Panda Express, Verizon Wireless and Max Muscle.

This Center offers the community an attractive mix of retail users with excellent curb appeal.