IE Business Daily Business news for the Inland Empire.
Two retail properties in Cathedral City that will be occupied by a Circle K and a Starbucks have been sold for $8 million.
The parcels in Cathedral Cove Center were sold in separate transactions to private investors who wished to remain anonymous, according to Hanley Investment Group Real Estate Advisors in Corona Del Mar.
Hanley Investment represented Fountainhead Development in Newport Beach, the projects’ developer and seller.
The Circle K-leased property at 68835 East Palm Canyon Drive, sold for over $4.19 million. The 3,700-square-foot store is expected open this fall.
The Starbucks property at 68995 East Palm Canyon Drive, sold for $3.7 million. An opening date for that project, which will cover 1,900 square feet, has not been announced.
Cathedral Cove Center is at East Palm Canyon Drive, Highway 111 and Date Palm Drive across from the Agua Caliente Casino. Besides Circle K and Starbucks, future tenants include Farmer Boys, and Chipotle Mexican Grill, according to Hanley Investment.
