JLL is pleased to offer the opportunity to acquire Palm Desert Town Center Plaza (the “Property”), an 81,994 square-foot community center located in the highly trafficked Southern California community of Palm Desert. Currently 91% leased, the Property is anchored by Trader Joe’s, Michael’s, and Tuesday Morning with many service and daily needs tenants driving significant traffic to the Property. Palm Desert is a rapidly growing, affluent community, and the Property is centered at the core of its retail thoroughfare along Highway 111 (61,298 VPD). Palm Desert Town Center Plaza offers investors the chance to acquire an exceptionally located center with premier national tenancy on long-term leases and significant value enhancement opportunity through the lease up of remaining available space.
- Exceptionally located in Palm Desert’s primary retail hub along Highway 111 (61,000+ VPD) with national co-tenants that include Whole Foods, Nordstrom Rack, HomeGoods, and TJ Maxx.
- Early Trader Joe's Lease Extension securing the high-performing grocer’s position at the center for a seven-year term and demonstrating the strength of the Property’s location in this market.
- One of the highest visited tourist destinations in California The Coachella valley welcomed more than 14.1 million visitors in 2019, generating $5.9 billion in tourist spending, which continues to increase each year.
- Rare opportunity for attractive double digit cash flow from a Trader Joe's anchored retail center with long-term anchor leases located in Southern California.
- Value creation opportunity with the potential to increase existing NOI through lease up of the ±7,800 SF of available space and mark-to-market rent opportunities through renewals.