Progressive Real Estate Partners successfully facilitated the sale of a single-tenant medical property in Indio. The DaVita Dialysis clinic, located at 82900 Ave. 42, was sold for $4,450,000 with a cap rate of 5.66%. This transaction was part of a tax-deferred exchange.
SVP Greg Bedell, CCIM led the marketing efforts and represented the seller – an investor based in Los Angeles. The buyer was also from Los Angeles and represented by Abel Mehrabi and Karl Markarian from JohnHart Real Estate.
Prior to listing the property on the market, Bedell worked closely with the seller to secure a corporate-backed lease renewal through April 2033 with DaVita. This resulted in a significant increase in property value.
According to Bedell: “The buyer’s decision was influenced by several factors including strong credit backing from DaVita for their lease agreement, extensive medical improvements made by them which reduces chances of relocation , prime location at high traffic retail intersection and affluent surrounding demographics.”
This recent transaction highlights Progressive Real Estate Partners’ expertise in facilitating successful deals within California’s real estate market.
