Done Deals: Avison Young completes $4.12-million short sale of North Village Center business park in Palm Springs, CA

Tuesday, June 4, 2013

Avison Young completes $4.12-million short sale of North Village Center business park in Palm Springs, CA

Los Angeles, CA – Avison Young, Canada’s largest independently-owned commercial real estate services company, announced today that it has completed the $4.12-million short sale of North Village Center, a 93,529-square-foot (sf), three-building industrial/retail park in Palm Springs, CA.

Dan Vittone

Located at 19345-19465 North Indian Canyon Drive, the complex was built in phases in 1985, 1986 and 1990. The property, situated on nearly eight acres, was approximately 70 percent occupied at the close of escrow.

Avison Young Principals Dan Vittone and Alan Pekarcik, based in the company’s Irvine, CA office, represented an undisclosed seller, as well as the buyer, WLA Investments, Inc. The closing capitalization rate was approximately 8 percent.

“The property offers tremendous upside for the new buyer as existing rents are approximately 50 percent off from the peak,” comments Vittone. “Despite limited capital seeking investment product in the Coachella Valley, we secured offers from more than a dozen prospective investors through an aggressive marketing campaign.”

Alan Pekarcik

The multi-tenant property is located one block north of Interstate 10, approximately four miles north of Highway 111, the main north/south state highway and retail corridor through the Coachella Valley, and approximately 50 miles east of the San Bernardino International Airport.

The project features excellent visibility and regional access, and varying unit sizes and office and retail showroom configurations to accommodate a variety of uses and tenant expansion needs.

North Village Center is expected to realize the benefits of improved access and increased exposure due to the adjacent interstate (I-10) overpass expansion project that was completed in March 2010, giving rise to more than 300,000 sf of nearby commercial development planned or under construction.