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601-789 East Tahquitz Canyon Way, Palm Springs, CA 92262

$22,500,000
Commercial Property MLS# 9999999 ID: 44944493
$22,500,000 Get Rates

The Courtyard at Palm Springs
This is a true Value-Add Opportunityproviding a 5.85% return based on the current rent roll while undertaking construction of new retail buildings (22,000 SF) and Reimage improvements for 17,000 SF of existing retail space. Project is estimated to create an additional $10mm in value in excess of the combined $22 5 million acquisition price and $9.5 million redevelopment costs.Cash Flow + True Value AddRetail Space (37,000 SF) Vacated for New Buildings & Reimage ProjectStill Results in 5.85% Cap Rate on 2017 Rent Roll8.56% Upon Completion of Planned Improvements (Proforma)$9.5MM Cost to Complete, Including Lease-UpDrawings, Budget, Bids AvailableCity Approval Expected in June 2017Premier Mixed-Use Downtown ProjectSuccessful 146,110 SF Retail-Entertainment-Office CenterPlanned 22,000 SF of New Retail and 17,000 SF Existing Retail RetrofitPlus $2.5MM Luxury (Regal) Theatre UpgradeUnderserved Retail-Restaurant Market with Pre-Leasing One Block From 245,000 SF Convention Center1.7 Miles from International AirportSurrounded by Major Hotels9 Screen Luxury (Regal) Movie Theatre2 Story Parking Structure with Abundant Parking7 Acres of Fee Land 7 Existing BuildingsIncludes Ground Lease to Pacific Western BankEasy Drive From So-Cal Cities (20MM Population)The Courtyard at Palm Springshas operated for years as the Premier Mixed-Use Retail-Entertainment-Office Center in Palm Springs. The current owner has strategically vacated all of the outdoor retail mall space in order to replace 3 buildings (20,000 SF) with a new state-of-the-art retail-entertainment buildings (22,000 SF) to accommodate today's demand for new, modern restaurant and retail facilities and to support the area's tremendous growth and undersupply of quality retail space. In addition, 17,000 SF of existing retail space will be reimaged to compliment a new, modern retail atmosphere, as well as a $2.5MM planned upgrade to the existing Regal Theatre providing new luxury seating.

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Location Information near 601-789 East Tahquitz Canyon Way
Offered by Steven Lyle at Coldwell Banker Commercial Lyle & Associates

Would you like more information regarding this property?
Please call (760) 772-6400.

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Property Features for 601-789 East Tahquitz Canyon Way
Status
Market Status
Available
Last Updated
August 21, 2017
Description
Property Type
Commercial Property
Approx. Lot Size
7.11 Acres
Sq. Feet
146,110

Exterior Features

  • Parking: 668 spaces

Listing Features

  • Property Type: Commercial; Retail
  • Steven Lyle
  • Coldwell Banker Commercial Lyle & Associates

Data Provided by:
Coldwell Banker

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More information about this $22,500,000 Commercial Property at 601-789 East Tahquitz Canyon Way

This $22,500,000 Commercial Property at 601-789 East Tahquitz Canyon Way in Palm Springs, CA is presented by Steven Lyle. This $22,500,000 Commercial Property, located in the 92262 zip code, has the following property features: Parking, Property Type. This 601-789 East Tahquitz Canyon Way Commercial Property, located in Riverside County , is listed under MLS listing number 9999999 and has a listing price of $22,500,000. You can find more PALM SPRINGS homes for sale here.