44100 Monterey Ave
Pride-of-Ownership Office Investment w/ Major Upside Potential | Palm Desert, CA
Marketing description
STRONG MARKET FUNDAMENTALS
►The Coachella Valley’s population has grown more than 30% since 2000, with a compound annual growth rate of 1.65% from 2000-2020, double the growth rate for the United States as a whole. In the last decade, the Coachella Valley’s population increased by 6.8%, reaching a full-time resident population base of 447,584 (CVEP 2022 Economic Report). This is attributed to job growth, the continued rise in lodging, and employment in hospitality.
►With no new office development under construction or planned, existing product is positioned to continue to improve as more and more tenants/users migrate to the market.
EXCEPTIONAL LOCATION WITH ABUNDANT RETAIL AMENITIES AND STRONG DEMOGRAPHICS
►Located at the intersection of Monterey Avenue and Fred Waring Drive, the property presents a premier office location from an accessibility and amenity standpoint. In the heart of Palm Desert, the property is served by Monterey from I-10 and Hwy 111, allowing for commuting ease for employees living throughout Coachella Valley. Seconds away from Westfield Palm Desert, One Eleven Town Center, Desert Crossing Shopping Center, El Paseo Shopping District, and The River Rancho Mirage to name a few, the property has an unlimited amount of dining, shopping and service options for the tenant to enjoy.
►The property is located seconds away from Palm Desert’s recently completed San Pablo Corridor Improvements, the new downtown/city center. The mile-long corridor connects shopping, restaurants, and other commercial services at El Paseo and Highway 111 with residential neighborhoods and civic uses. More information on the detailed improvements can be found on the city’s website (https://www.cityofpalmdesert.org/ourcity/departments/planning/san-pablo-improvements).
Investment highlights
PRIDE-OF-OWNERSHIP OFFICE INVESTMENT WITH MAJOR UPSIDE POTENTIAL
►44100 Monterey Avenue presents a Pride-of-Ownership opportunity to acquire a highly visible building at the core office intersection of Palm Desert, Monterey and Fred Waring. The property, consisting of 25,053 square feet, provides tenants and users with one of the most prominent signage opportunities throughout the Coachella Valley with around 30,000 cars passing through this intersection daily.
►At 75% leased with in-place rents ±15% below market levels, the offering presents a true value creation opportunity for new ownership and huge upside that can be captured early in the hold period. Additionally, current ownership recently spent a considerable amount of capital on spec suites and building upgrades including exterior painting, landscaping, HVAC and fire sprinklers, which will help promote new leasing activity and push market rents.
►With current vacancies ranging from ±237 square feet to ±2,234 square feet, the property provides suite diversification to be aligned with the market demand. This flexibility will help in attracting more tenants to the building, helping to shorten up the vacancy absorption.
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