245-285 S Palm Canyon Dr
Palm Springs, CA 92262

Investors have the opportunity to acquire The Vineyard Shopping Center, a 36,016 sf retail center located in Palm Springs, CA. The Vineyard Shopping Center is currently 93.95% occupied by 12 tenants and consists of five (5) buildings. The Center has enjoyed strong occupancy for over a decade. Many of current tenants are in their 2nd or 3rd option periods or have written new extended leases or expansions of their original leases. Growth in tourism fueled by area wide festivals, concerts, sporting events and hotel/resort occupancy is breaking records in the retail, hospitality, entertainment, restaurant, and foodservice industries. Palm Springs tenants are renewing leases and expanding their businesses, many times finding it difficult or impossible to find available space in the popular Downtown Pedestrian District. The Property is perfectly situated at a signalized intersection on So. Palm Canyon Drive in the most popular Downtown Pedestrian Retail District of Palm Springs, surrounded by the region's most popular restaurants, nightclubs, boutiques, museums and tourist venues. Ample city?owned public parking is provided immediately behind the center with direct pedestrian access to Ample city?owned public parking is provided immediately behind the center with direct pedestrian access to the center's popular tenants from the front, sides and rear of the property. Downtown is clearly the place tenants want to be. If they can find space. In response, the City approved a vertical development because of the dwindling supply of space, shortage of buildable land and increased demand by tenants. The new $400 million Downtown Development and Kimpton Hotel (former Desert Fashion Plaza) by the Wessman Development Company is well underway and scheduled to come online in 2017. Once completed, the development will include over 900,000 SF of buildings arranged around new streets, paseos and plazas and a new 50,000 SF Park fronting the Palm Springs Art Museum; just a short walk from the Vineyard Center. But, public concerns surrounding the development suggest that future developments of this scope are very unlikely.