PALM DESERT, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Washington Square, (top right photo) a 49,972-square foot shopping center in Palm Desert.The sales price of $12.5 million represents $250 per square foot.
Paul Bitonti, a vice president investments in the Newport Beach office of Marcus & Millichap, represented the seller, a local shopping center developer. Bitonti also represented the buyer, a TIC sponsor.
“The new owner has acquired a well-positioned, fully entitled project with a newly constructed Rite Aid,” says Bitonti. “The project has received interest from national tenants and will prove to be a successful shopping center in the near future.” Located at the northwest corner of Washington and Market streets, the shopping center is situated on 6.17 acres.
Built in 2007, Washington Square is directly across from the Stater Brothers shopping center and near the Del Webb Sun City housing community, which is a prestigious active adult community with 5,000 homes, lakes, waterfalls and a 36-hole golf course.
With more than 1,300 investment professionals in offices nationwide, Encino, Calif.-based Marcus & Millichap Real Estate Investment Services is the largest commercial real estate brokerage in the nation focusing exclusively on real estate investments.
In 2007, the firm closed $20.7 billion in transactions. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization; local market expertise; the industry’s most comprehensive research and analysis capabilities; state-of-the-art technology; and established relationships with the largest pool of qualified investors nationally.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
Press Contact: Stacey Corso, Communications Department, (925) 953-1716 
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