Lee & Associates-LA North/Ventura Transacts Sale of 93.08 Acres of Land
Palm Springs property is occupied by an operating wind farm
PALM SPRINGS, CA –April 1, 2015 – A 93.08 acre land parcel occupied by an operating wind farm has sold to a private real estate investor for $1,575,000, according to John Battle SIOR, Lee & Associates-LA North/Ventura ( http://lee-associates.com ) managing director and principal who transacted the sale with Lee Associate Matt Benwitt.
Brian Ward, senior vice president of Lee & Associates-Palm Desert, also assisted with the transaction.
The property, located at the Indian Canyon Drive exit off Highway 10 in Palm Springs, CA, is operated by Windpower Partners 1993, LLC, a wholly owned indirect subsidiary of Juno Beach, FL-based NextEra Energy Resources LLC. Windpower Partners will continue to operate the wind farm on the land.
“This is a highly prized investment because the tenancy offers long-term stability with excellent returns and requires no management,” said Battle, who represented the buyer, Palm Investment Group, LLC, and the seller, Chem Quest, Inc.
As is common with wind farms, Windpower Partners does not own the land but rather operates under an easement granted for 34 years. In 2012, the company invested $5 million in five new, state-of-the-art wind turbines for the facility that generate 1.5 megawatts (MW) per turbine.
The seller, a family-owned investment company, divested the property following the death of its major shareholder.