Desert Springs deal tops $37 million

Purchase includes parcel for expansion

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Desert Springs Marketplace, a 105,157-square-foot retail center in Palm Desert, Calif., has sold to an out-of-state investor for $37.3 million. Included in the deal was land for further development. Bellevue, Wash.-based Lakha Properties purchased the asset from Irvine, Calif.-based Sanderson J. Ray-Desert Spring Partners. The shopping center, which is located at the northwest corner of Cook Street and Country Club Drive, was 100 percent leased at the time of sale. The center is anchored by Ralphs, Rite Aid and Morton's. The seller had purchased the retail center and the Phase II development land in 2003. The extra land will allow the buyer to complete a 10,000-square-foot expansion. ...