August 2, 2017
Palm Canyon Shopping Center, a roughly 40,000-square-foot retail center located at 471 South Indian Canyon Drive in the heart of downtown Palm Springs, CA sold for $7.3 million. The property was 56% occupied by six tenants at the close of escrow, including IHOP, Casa Moderno and Urban Yoga.
Faris Lee Investments’ Nicholas Coo, Tom Chichester and Joseph Chichester represented the buyer and seller, both undisclosed Los Angeles-based private investors.
Coo says, “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 Faris Lee team worked to change that perception by presenting buyers with a detailed business plan backed by solid economic fundamentals, ultimately allowing them “to extract top value upon sale,” he said.
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