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, 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 property 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.