PALM SPRINGS, Calif. –– CBRE announced the sale of 803 North Palm Canyon Drive, a 20,933-sq.-ft. mixed-use property in Palm Springs, Calif., to New Dawn Enterprises LLC for $7.3 million. Eric Chen, Blake Torgerson and Marco Rossetti of CBRE represented the seller, 803 N Palm Canyon Holdings, in the transaction.
“This was a 1031 exchange buyer who truly appreciates the opportunity of the location and quality of this property in downtown Palm Springs,” said Mr. Chen, executive vice president at CBRE.
Centrally located within Coachella Valley, the property consists of 12 two-bedroom townhouse-style units, which average 1,456 sq. ft. All but one unit offers a loft. Each unit features sub-zero refrigerators, stainless steel appliances, stone countertops, in-unit washers and dryers and a patio or balcony.
The community amenities include covered parking on the ground floor, including 12 individual garages and a pool deck on the second floor with shaded cabanas. The property also has 3,453 sq. ft. of ground-level occupied retail space.
The mixed-use property is located at the intersection of North Palm Canyon Drive and Tamarisk Road within the North Palm Canyon Uptown District. It’s surrounded by shopping venues and restaurants.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
