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7/31/17
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Palm Canyon Shopping Center, a 40k sf retail center in the heart of downtown Palm Springs, sold for $7.3 mil ($193/sf). The property, located at 471 South Indian Canyon Dr, was 56% occupied by six tenants at the close of escrow including IHOP, Casa Moderno and Urban Yoga.
Palm Canyon Shopping Center is situated along Palm Canyon Rd / Hwy 111, which is the main thoroughfare in downtown Palm Spring’s commercial core. In addition, Palm Canyon Rd is currently undergoing multiple major redevelopments and renovations which will bring multiple new hotels, shops, restaurants, retail, residential, and office.
Nicholas Coo, Tom Chichester and Joseph Chichester with Faris Lee Investments represented the buyer and the seller, both private investors out of Los Angeles.
"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.”
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.
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