$7.3 Million Sale of Palm Canyon Shopping Center in Downtown Palm Springs, California
Faris Lee Investments Completes $7.3 Million Sale of Palm Canyon Shopping Center in Downtown Palm Springs, California
Palm Springs, CA – Faris Lee Investments, has completed the $7.3 million sale of Palm Canyon Shopping Center, an approximately 40,000-square-foot retail center located at 471 South Indian Canyon Drive in the heart of downtown Palm Springs. The property was 56 percent occupied by six tenants at the close of escrow including IHOP, Casa Moderno and Urban Yoga.
Nicholas Coo, senior managing director, Tom Chichester, managing director and Joseph Chichester, director, with Faris Lee Investments represented the seller, a private investor from Los Angeles, as well as the buyer, a private Los Angeles-based investor.
“This sale presented opportunities and challenges,” said Coo. “The center had featured high levels of vacancy over the last 10 years caused by a planned redevelopment. Due to the long-term vacancy, the property was viewed as a struggling asset by locals and investors. Faris Lee worked to change that perception by presenting buyers with a detailed business plan backed by solid economic fundamentals, ultimately allowing us to extract top value upon sale.”
Palm Canyon Shopping Center benefits from its location along Palm Canyon Road / Highway 111, which is the main thoroughfare in downtown Palm Spring’s commercial core. In addition, Palm Canyon Road is currently undergoing multiple major redevelopments and renovations which will bring multiple new hotels, shops, restaurants, retail, residential, and office.
The City of Palm Springs continues to strengthen in jobs and population and it also has been attracting an increasing number of visitors each year. Events such as Palm Springs International Film Festival, Modernism Week, and the Coachella and Stagecoach music festivals are just a few of the events that contribute to more than 12 million annual visitors and counting.
About Faris Lee Investments: Faris Lee Investments is a leading retail advisory and investment sales firm. The company’s high-level retail investment advisors and sophisticated financing experts develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Cumulatively, Faris Lee’s leadership has been involved in more than $20 billion of transactions. Faris Lee’s senior advisors are skilled in disposition and acquisition strategies, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, visit www.farislee.com.