Faris Lee Investments, on behalf of a Los Angeles-based private investor, sold Palm Canyon Shopping Center. The nearly 40,000-square-foot retail center in downtown Palm Springs, Calif., which was 56 percent leased at the time of sale, changed hands for $7.3 million.
The center is located at 471 S. Indian Canyon Drive, on the main thoroughfare in downtown Palm Springs’ commercial core. Additionally, Palm Canyon Road is currently undergoing multiple redevelopments and renovations which will bring new hotels, shops, restaurants, retail, residential and office to the area. Tenants at Palm Canyon Shopping Center include IHOP, Casa Moderno and Urban Yoga.
Nicholas Coo, Tom Chichester and Joseph Chichester of Faris Lee Investments represented the seller, as well as the buyer, another private investor from Los Angeles. Last month, Coo and Joseph Chichester also arranged the sale of two free-standing Paramount retail properties.
“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,” Coo said in prepared remarks. “Faris Lee worked to change that perception by presenting buyers with a detailed business plan backed by solid economic fundamentals, ultimately allowing us to extract top value upon sale.”