Paragon Commercial Group Sells Walmart Property in Palm Desert for $13.5 Million

Palm Desert, Calif. — Paragon Commercial Group has sold a single-tenant, 45,648-square-foot property occupied by Walmart in Palm Desert, California.

The property sold for $13.5 million to a private investor from Chicago. William Bauman, Kyle Miller and Matthew Schwartz of Newmark Knight Frank represented the seller in the transaction and Mike Mintz of Millennium Properties represented the buyer. The property sold at a cap rate of 5 percent and a price per-square-foot of approximately $296. The triple-net leased asset is situated on 5.37 acres at 72314 Highway 111.