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Retail Center Trades for $2.9 Mil

NEWPORT BEACH, CA-A Newport Beach-based real estate investment group has paid $2.9 million for a 56,540-sf retail center in Desert Hot Springs. The complex was 90% occupied at time of sale.

By Erin Cassin | Updated on May 25, 2001

NEWPORT BEACH, CA-A Newport Beach-based real estate investment group is the new owner of a 56,540-sf retail center in Desert Hot Springs. Red Mountain Retail Group paid Columbus, OH-based Nationwide Insurance $2.9 million for the property, which was on the market for just one day.

The center stands at 14020 – 14290 Palm Drive and is part of a 120,000-sf retail complex anchored by Vons. The facility was 90% occupied at the time of sale, with tenants including McDonalds, Rite Aid, Del Taco and Winston Tire.

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