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Hilco Real Estate announces the sale of a Prime 3700± SF Office/Retail Building in California

Mar 26, 2018

 Retail/Office Sold

Hilco Real Estate LLC announces May 8, 2018 as the online auction date for a prime 3,700 sq. ft. office/retail building set within the Plaza Rio Vista shopping center in Cathedral City, California.  

Originally constructed in 1986, the facility underwent a complete renovation in 2006 to create a state-of-the-art dental/endodontic practice. To accommodate this specialty use, an upgraded in-floor plumbing system was installed to serve each of the six operatory rooms. The building also features televisions in each of the exam rooms and in the large waiting area. The site offers ample office space for staff and associates, and premium finishes throughout, creating a warm, welcoming environment for patients and employees alike. The property is fully equipped with dental chairs, space for lab equipment, and x-ray technology to create a desirable turnkey opportunity.  

The building is ideal for a dental or medical end user, but could be easily reconfigured for a more traditional retail or office use. Located in Cathedral City’s commercial district, the property is within a heavily-trafficked, Stater Bros.-anchored shopping center.  Other adjacent traffic generators include Starbucks, CVS, and Subway, as well as a variety of local businesses.  For the opportunistic buyer, this property offers upside potential, whether as a turnkey operation or a freestanding retail/office building.

The property is well positioned near scenic Interstate-10 and offers easy access to numerous state and local routes, as well as the Palm Springs Airport, 11 miles to the west. These transportation options, together with a strong economy and growing population make Palm Springs an ideal climate for businesses to thrive.

Set in the Coachella Valley of the Inland Empire, Cathedral City in Palm Springs is known for its year-round beautiful weather, boasting nearly 360 days of sunshine a year. This desirable climate is attractive to both tourists and residents, with the population of 47,000 nearly doubling during the winter months as “snowbirds” descend on the area. Palm Springs is ideally situated 110 miles southeast of Los Angeles and 130 miles northeast of San Diego, making it a highly accessible destination from both major metropolitan areas.   

With all that Palm Springs has to offer, in 2014 Conde Nast named it one of the 30 Best Small Cities in America.  Made famous by the Rat Pack and Hollywood elites, tourism is a significant economic driver in Palm Springs.  The impact of this growth has also led to a wave of commercial, residential and hospitality-focused developments to accommodate the growing numbers of guests that visit each year. In fact, 12.8 million tourists visited that area in 2015 resulting in over $5 billion dollars in economic activity.

Palm Springs offers a dynamic downtown with stylish hotels, fashionable restaurants, chic shops and boutiques, numerous entertainment venues, as well as welcoming public spaces and parks for gathering, celebrating and relaxing. Palm Springs is a hub for design, having one of the largest concentrations of mid-century modern architecture in the world. Palm Springs is acclaimed around the world for its prominent golf and tennis courses, highlighted by the famed Indian Wells Tennis Garden, the world’s second largest outdoor tennis stadium. The city is also the setting for other internationally renowned events, including the Palm Springs International Film Festival, Modernism Week, and the Coachella and Stagecoach Music Festivals.

Jeff Azuse, Senior Vice President of Hilco Real Estate, stated, “The sale of this building represents an excellent opportunity for an end user or investor to acquire a turnkey dental operation in a highly-desirable community with good demographics, skyrocketing population growth and a strong tourism industry that combines to create a welcoming environment for any business to set up shop.”   

The online auction is scheduled for Tuesday, May 8, 2018; however, bids prior to the auction date are encouraged. Bidding for the auction will begin at 9:00 A.M. (PT) and conclude at 3:00 P.M. (PT) on the day of the auction. To be eligible to participate in the auction, bidders are required to submit $20,000 as an earnest money deposit via wire transfer or certified/cashier’s check prior to bidding.

For further information on the property, an explanation of the auction process, Terms of Sale, and to obtain access to the Virtual Deal Room containing all the property due diligence, please visit HilcoRealEstate.com or reach out to (855) 755-2300.

For more information about this or other properties available for sale, please visit HilcoRealEstate.com.

About Hilco Real Estate

Hilco Real Estate (“HRE”), a Hilco Global company (HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies & techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.