Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a two-tenant, 100% occupied, retail investment property located in Palm Desert, California. The property totals 7,400 SF and is divided into two suites with T-Mobile occupying 2,500 SF and School’s First FCU utilizing the remaining 4,900 SF. The offering consists of a diverse e-commerce resistant tenant lineup comprised of service tenants, creating a stabilized income stream for a new investor. Both tenants recently signed brand-new long-term leases which are NNN in nature, limiting expense leakage for a future investor.

The subject property is strategically located near the signalized, hard corner intersection of State Highway 111 and Fred Waring Dr with a combined (78,000 VPD). State Highway 111, is a major retail thoroughfare serving the city of Palm Desert. The site is currently under construction and will feature a state-of-the-art design and high-quality materials. Furthermore, the site benefits from excellent visibility via significant street frontage and a large monument sign along State Highway 111. The asset is ideally situated as an outparcel to a Walmart Neighborhood Market, helping draw consumers into the local trade area. Additionally, the property is located direct across State Highway 111 from Desert Crossing Shooping Center, a 442,000 SF power center anchored by Target, T.J. Maxx, Marshalls, Best Buy, Old Navy, ALDI, and more. Furthermore, the site is positioned less than a half mile away from Town Center Square, a 162,000 square foot shopping center with major tenants including Whole Foods, PetSmart, Skechers, and more. Other nearby national/credit tenants include Albertson’s, Dick’s Sporting Goods, Trader Joe’s, HomeGoods, Barnes & Noble, Macy’s. Strong tenant synergy increases consumer draw to the immediate trade area and promotes significant crossover store exposure to the site. The 5-mile trade area is supported by over 67,300 residents and 48,800 employees, providing a direct consumer base from which to draw. Residents within 5 miles of the subject property boast an affluent average household income of $131,436.

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