HIGH PROFILE DOWNTOWN LOCATION: The Property is perfectly situated at a signalized intersection on So. Palm Canyon Drive in the most popular Downtown Pedestrian Retail District of Palm Springs, surrounded by the region’s most popular restaurants, nightclubs, boutiques, museums and tourist venues. Ample city-owned public parking is provided immediately behind the center with direct pedestrian access to the center’s popular tenants from the front, sides and rear of the property.STABLE CASH FLOW: The Center has enjoyed strong occupancy for over a decade. Many of current tenants are in their 2nd or 3rd option periods or have written new extended leases or expansions of their original leases. Growth in tourism fueled by area wide festivals, concerts, sporting events and hotel / resort occupancy is breaking records in the retail, hospitality, entertainment, restaurant and food service industries. Palm Springs tenants are renewing leases and expanding their businesses, many times finding it difficult or impossible to find available space in the popular Downtown Pedestrian District.UPSIDE POTENTIAL: Market Rents for the Vineyard Center average $2.51 PSF/Mo. vs. the current $2.05 PSF/Mo. average for existing leases (17% under market) providing a future owner an opportunity to increase rental rates upon lease expirations. Further, the Center does not charged percentage rent on food and beverage sales by restaurant tenants,which is now more common in today’s market environment, providing an additional opportunity for rental growth. On a longer term basis, the City owned parking lot contains provisions to allow for additional parking to be created with a multistory parking structure, providing future owners a potential opportunity to increase the Center’s rentable space by adding one or more stories to the existing single story buildings.
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