Aug
02
Palm Springs Retail Center Changes Ownership
ByA Los Angeles-based private investor sold Palm Canyon Shopping Center, a 40,000-square-foot retail asset in Palm Springs, Calif. Faris Lee Investments represented both the seller and the buyer.
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.
AREA UPGRADES
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…
