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.
Projects include a
commercial shopping center and a Hard Rock Hotel.
For a complete copy
of the company’s news release, please contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
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