Irvine, CA (April 30, 2019) – Faris Lee Investments, a leading retail advisory and investment sales firm, has arranged the sale of 2 separate strip centers, Rubidoux Plaza and South Rubidoux in Indio, CA, for a total price of $4.6M.
The properties, totaling nearly 20,000 square feet, sit along the main desert artery of Highway 111 benefiting from a dense infill population, strong growth, and below market rents. The properties are centrally located, servicing the entire Coachella Valley and feature a unique mix of daily-needs tenants, giving both investors’ confidence due to their resilience to e-commerce and the properties dominant location.
Home to the Coachella Valley festival, Indio is the 3rd fastest growing city in Southern California and is the largest city in the desert by population with approximately 90,000 full-time residents and approximately 30,000 additional residents during the winter months. It is estimated that the population will reach 170,000 residents by 2035.
Tom Chichester, Managing Director with Faris Lee Investments represented the Seller for both sales.
“Faris Lee was able to showcase the strength of the location and trade area,” says Tom Chichester. “We closed escrow with 2 different 1031 exchange buyers, sourced through Faris Lee Investments proprietary 1031 trading desk database.”
About Faris Lee Investments: Faris Lee Investments is a national 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. Through its recent strategic partnership with X-Team Retail Advisors, a nationwide affiliation of seasoned retail leasing experts, Faris Lee offers a fully integrated platform with disciplined expertise in landlord leasing, tenant representation, capital markets, and investment sales to maximize value for clients.
For more information, visit www.farislee.com
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