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September 19, 2020
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Multi-Tenant Property in the Inland Empire Fetches $163/sf


A 29.4k sf, multi-tenant industrial building in Cathedral City sold for $4.8 mil, or $163/sf. The building, constructed in 1989, is considered a value-add opportunity.

The building sits on 1.75 acres of land at 68945 Perez Rd, with frontage and access along Perez Rd. 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. It is situated in a multi-building industrial park and shares approximately 150 parking spaces with other tenants in with the center.

Keith Kropfl and Michael Ganz with Avison Young, along with Thom Olson of Creatus Properties, represented the buyer, Cathedral City 2 LLC. The seller, North First Street Properties LP, was repped by Coldwell Banker.

“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.

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