Palm Canyon Shops
At-A-Glance
Sold October 2022
Sale Price: $4,200,000
Cap Rate: 5.8% Cap Rate
Represented: Seller
Location: Downtown Palm Springs, CA
Please reach out for more information:
Tom Chichester / [email protected] / 714-318-3955
Nick D'Argenzio / [email protected] / 818-281-7893
Opportunity
Highlights
100% leased shopping center ideally located in downtown Palm Springs
Excellent street frontage and visibility, along the main thoroughfare (Highway 111 / S Palm Canyon Drive) in downtown Palm Springs
Strong scheduled rental increases - All of the tenants feature scheduled annual rental increases of 3%, allowing for continued growth in cash flow and helping to hedge against inflation. Additionally all tenants have options to extend.
High traffic location - This downtown area of Palm Springs draws in millions of visitors and tourists annually, creating strong cross over shopping and tenant synergy between all retailers and tenants.
Affluent Area / Strong Growth - The Palm Springs market has experienced exceptional growth over the past few years. The property is located just outside of the Historic Tennis Club, with home values from $1.5M - $3.5M+ and also very close to Old Las Palmas, with home values from $2M - $12M+
