Palm Canyon Shopping Center, a 40,000-square-foot retail center in downtown Palm Springs, has been sold.
The development at 471 S. Indian Canyon Drive sold for $7.3 million and was 56 percent occupied by six tenants – including International House of Pancakes, Urban Yoga and Casa Moderno – when escrow closed, according to a statement released Thursday.
Faris Lee, represented both parties in the transaction, neither of which were identified by name: seller and buyer were private investors in Los Angeles.
Palm Canyon Shopping Center has been plagued by high vacancy during the last 10 years or so, but it still benefits from its location on Palm Canyon Road/Highway 111, the main road through downtown Palm Springs.
Major renovations are now happening along Palm Canyon Road, which should make that thoroughfare even more attractive to commercial development, according to the statement.