By Lilly Riddle
Ocean Properties Development Corporation is selling Canyon Plaza, a 37,895-square-foot shopping center situated on a 0.44-acre lot and situated in the heart of Cathedral City. The property is located at 67555 East Palm Canyon Dr., approximately 112 miles east of Los Angeles.
Priced at $9.1 million — or roughly $239 per square foot — Canyon Plaza boasts a cap rate of 6.5 percent and a strong tenant mix including Anytime Fitness, Upper Crust Pizza, Golden Springs Surgical Center and more. According to a marketing brochure from CBRE, its 19 units are currently 86 percent occupied, providing an immediate upside through lease-up of the remaining 14 percent vacancy.
Cathedral City is the fourth largest county by population in California and tenth largest in the United States. Situated on Highway 111, a major commuter route with over 52,500 cars passing daily, the property offers high visibility and accessibility. It is also located just south of the Tahquitz Creek Golf Resort in Palm Springs.
The shopping center, which was built in 1984, benefits from its strategic location within an affluent demographic. The average household income exceeds $112,000 within a five-mile radius of the site, which is home to more than 120,000 residents. Within a three-mile radius, more than 55,450 people have an average household income exceeding $93,000, and within a one-mile radius, more than 6,550 people have an income exceeding $120,000. Additionally, Canyon Plaza is adjacent to the larger Canyon Plaza Shopping Center, anchored by Trader Joe’s and Target, further bolstering its appeal.
The center has undergone recent renovations, contains ample parking and has numerous signage opportunities, including digital advertising on the prominent monument sign along Highway 111. The property also boasts multiple points of ingress and egress, and the individual suites at Canyon Plaza consist of multiple small suites that can be combined or subdivided, offering flexibility for tenants. Each suite has its own air conditioning and electrical meter.
According to the marketing brochure, CBRE has completed more than 6,000 commercial and multifamily lending assignments since 2015 and helped its clients secure more than $100 billion in financing.
Vanessa Haddad and Alan Krueger of CBRE are leading the marketing efforts for this opportunity.
