Newmark arranged the $25.75-million sale of One El Paseo Plaza, a three-building, 86,835-square-foot mixed-use office campus located at 74-199 El Paseo Dr. and 74-225 & 74-245 Hwy. 111 in Palm Desert. Co-head, U.S. Capital Markets Kevin Shannon, senior managing director Scott Schumacher, vice chairman Ken White and executive managing director Rick Reeder represented the undisclosed seller. The buyer was Bucksbaum Properties, LLC.
The property, which includes the office buildings and a single-story restaurant building situated on five acres, is located at the intersection of El Paseo Drive and Highway 111. Major tenants include Morgan Stanley, Royal Bank of Canada, Wells Fargo Advisors, Compass Real Estate and Shogun Restaurant.
“One El Paseo Plaza has a long history of attracting solid credit financial, insurance and real estate-related occupiers due to the exceptional quality construction and design, as well as its central location in the heart of the Coachella Valley,” said Shannon. “The property includes the opportunity to enhance value through lease-up of the current vacancies as well as convert expiring below-market rents given the lack of competing, premier Class A office assets in the Valley”
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