Cathedral City: $4.8-million Sale of a Multi-Tenant Industrial Building
Cathedral City, CA – Avison Young announced that it has brokered the $4.8-million sale of a multi-tenant industrial building with value-add potential located in Cathedral City, CA.
Avison Young Principal Keith Kropfl and Senior Associate Michael Ganz, who are based in the company’s Irvine office, along with Thom Olson of Creatus Properties, represented the buyer, Cathedral City 2, LLC. The seller, North First Street Properties LP, was represented by Coldwell Banker.
Built in 1989, the 29,400-square-foot (sf) industrial property is situated on 1.75 acres of land at 68945 Perez Road, with frontage and access along Perez Road. The property is currently 100% leased to tenants that include Caliber Collision Centers, the largest collision-repair company in America, Su Casa Imports and additional space entitled for cannabis manufacturing. The property, which is situated in a multi-building industrial park, shares approximately 150 parking spaces with other tenants in with the center.
“The property is an excellent investment opportunity in fast-developing Cathedral City with its business-friendly environment geared to help companies of various sizes and industries to start-up, grow, thrive and succeed,” comments Kropfl. “The city’s future is oriented toward growth, with room for population increase and substantial developable land available within the city, especially on land that has been annexed and/or added to the city’s sphere of influence in recent years.”
With a population greater than 54,000 and a median household income of approximately $45,000, Cathedral City fosters partnerships and collaborations with local businesses to support their continued success. The city, an easy two-hour drive east of Los Angeles and Orange County on the Interstate 10 freeway, attracts visitors and residents to its warm climate, desert beauty, and family-oriented atmosphere. Cathedral City is also within driving distance of Phoenix and Las Vegas.
About Avison Young
Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 84 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.