{"id":1004185509,"date":"2017-08-02T06:44:25","date_gmt":"2017-08-02T14:44:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004185509"},"modified":"2022-12-08T13:13:39","modified_gmt":"2022-12-08T21:13:39","slug":"palm-springs-retail-center-changes-ownership","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/palm-springs-retail-center-changes-ownership\/","title":{"rendered":"Palm Springs Retail Center Changes Ownership"},"content":{"rendered":"<p>By Razvan Cimpean<\/p>\n<div id=\"attachment_1004185520\" style=\"width: 354px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Palm-Canyon-Shopping-Center-in-Palm-Springs-Calif..jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004185520\" data-attachment-id=\"1004185520\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/palm-springs-retail-center-changes-ownership\/palm-canyon-shopping-center-in-palm-springs-calif\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Palm-Canyon-Shopping-Center-in-Palm-Springs-Calif.-e1501506394644.jpg\" data-orig-size=\"1290,975\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Palm Canyon Shopping Center in Palm Springs, Calif.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Palm Canyon Shopping Center in Palm Springs, Calif.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Palm-Canyon-Shopping-Center-in-Palm-Springs-Calif.-e1501506394644.jpg?w=1024\" class=\"wp-image-1004185520 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Palm-Canyon-Shopping-Center-in-Palm-Springs-Calif.-e1501506394644.jpg\" alt=\"Palm Canyon Shopping Center in Palm Springs, Calif.\" width=\"344\" height=\"260\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Palm-Canyon-Shopping-Center-in-Palm-Springs-Calif.-e1501506394644.jpg 1290w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Palm-Canyon-Shopping-Center-in-Palm-Springs-Calif.-e1501506394644.jpg?resize=300,227 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Palm-Canyon-Shopping-Center-in-Palm-Springs-Calif.-e1501506394644.jpg?resize=768,580 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Palm-Canyon-Shopping-Center-in-Palm-Springs-Calif.-e1501506394644.jpg?resize=1024,774 1024w\" sizes=\"auto, (max-width: 344px) 100vw, 344px\" \/><\/a><p id=\"caption-attachment-1004185520\" class=\"wp-caption-text\">Palm Canyon Shopping Center in Palm Springs, Calif.<\/p><\/div>\n<p>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.<\/p>\n<h2>Area upgrades<\/h2>\n<p>The center is located at 471 S. Indian Canyon Drive, on the main thoroughfare in downtown Palm Springs\u2019 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.<\/p>\n<p>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\u00a0Chichester also arranged the sale of two free-standing <a href=\"https:\/\/www.commercialsearch.com\/news\/faris-lee-arranges-13m-la-area-starbucks-cvs-sale\/\">Paramount retail properties<\/a>.<\/p>\n<p><em>\u201cThe 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,\u201d<\/em> Coo said in prepared remarks. <em>\u201cFaris 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.\u201d<\/em><\/p>\n<p><em>Image courtesy of Faris Lee Investments<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A 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.<\/p>\n","protected":false},"author":753,"featured_media":1004506779,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,34027,21742,21749,15],"tags":[35440],"class_list":["post-1004185509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-inland-empire","category-latest","category-retail","category-west","tag-faris-lee-investments"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Palm Springs Retail Center Changes Ownership - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/palm-springs-retail-center-changes-ownership\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Palm Springs Retail Center Changes Ownership\" \/>\n<meta property=\"og:description\" content=\"A Los Angeles-based private investor sold Palm Canyon Shopping Center, a 40,000-square-foot retail asset in Palm Springs, Calif. 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