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California  + Inland Empire  + Retail  | 

Downtown Palm Springs Retail Center Sold

Palm Canyon Shopping Center, a roughly 40,000-square-foot retail center located at 471 South Indian Canyon Drive in the heart of downtown Palm Springs, CA sold for $7.3 million. The property was 56% occupied by six tenants at the close of escrow, including IHOP, Casa Moderno and Urban Yoga.

Faris Lee Investments’ Nicholas Coo, Tom Chichester and Joseph Chichester represented the buyer and seller, both undisclosed Los Angeles-based private investors.

Coo says, “The center had featured high levels of vacancy over the last 10 years caused by a planned redevelopment. Due to the long-term vacancy, the property was viewed as a struggling asset by locals and investors.” The Faris Lee team worked to change that perception by presenting buyers with a detailed business plan backed by solid economic fundamentals, ultimately allowing them “to extract top value upon sale,” he said.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition
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