FOR SALE | PRIME DOWNTOWN PALM SPRINGS ASSEMBLAGE
350-420 PA L M C A N Y O N PALM SPRINGS, CA 188,179 SF (4.32 ACRES) DEVELOPMENT SITE +/- 1,300 FEET OF FRONTAGE ON PALM CANYON AND INDIAN DRIVES
SOUTH BELERADO ROAD
SOUTH PALM CANYON DRIVE
WEST RAMON ROAD
SOUTH INDIAN CANYON DRIVE
TIMOTHY L BOWER MARCO ROSSETTI GABRIELLE LARDIERE Senior Vice President Senior Associate +1 310 550 2605 +1 310 550 2521 +1 760 578 4723 [email protected] [email protected] [email protected] Lic. 01911073 Lic. 00864693 Lic. 01805951 CAPITAL MARKETS TABLE OF CONTENTS
EXECUTIVE SUMMARY Investment Summary Investment Highlights
AERIAL OVERVIEW
THE PROPERTY Current Improvements Site Plan
MARKET OVERVIEW Regional Overview | Coachella Valley Submarket Overview | City of Palm Springs
APPENDIX Zoning Code Palm Springs, CA
WEST ARENAS ROAD
SITE
SOUTH BELERADO ROAD
SOUTH PALM CANYON DRIVE
SOUTH INDIAN CANYON DRIVE
WEST RAMON ROAD
N EXECUTIVE SUMMARY
Investment Summary Investment Highlights EXECUTIVE SUMMARY
INVESTMENT SUMMARY
CBRE has been retained on an exclusive basis to present the opportunity to acquire an unequaled investment/mixed-use development site at the Southern Gateway to Palm Springs’ resurgent Downtown commercial core. The site currently consists of 4 parcels of land totaling approximately 188,500 square feet (4.32 acres) with 1,300 feet of combined frontage along Palm Canyon and Indian Drives. This prime site has potential for retail, office and residential development, and boasts spectacular street front visibility as well as mountain and Coachella Valley views. The site offers interim cash flow to an investor, with retail tenants such as Rite Aid and BBVA Compass Bank. Other tenants include a local restaurant and office tenants that occupy approximately 76,146 square feet of improvements. A site of this size and prominence is unique in the HOT Downtown Palm Spreings market.
Location: 350-420 South Palm Canyon Drive, Palm Springs, CA Bounded by Palm Canyon Drive to the west and Indian Canyon Drive to the east
Parcels: 513-204-003; 513-204-004; 513-214-002; 513-214-008
Acreage: 4.32 Acres (188,500 squar feet) of land
Improvements: +/- 77,013 square feet of retail & office space
Zoning: CBD – Central Business District Zone.
The property is Zoned (CBD) Central Business District and has the potential for a 4 to 5 story mixed used commercial/residential develop- ment. The adjacent 2.63 acre site called The Palm Canyon has a now expired tentative map to build a 5 story mixed-use development with 125 residential condominiums / townhomes and approximately 40,000 sf of ground floor retail / commercial space.
5 | 350-420 S. PALM CANYON DRIVE EXECUTIVE SUMMARY
INVESTMENT HIGHLIGHTS
• Unique 4+ acre commercial assemblage located in the heart of booming Downtown Palm Springs
• +/- 1,300 feet of combind frontage on S. Palm Canyon and Indian Canyon Drives
• In place income from existing retail and office tenants (Rite Aid, Compass Bank, and others)
• Development potential (Commercial Business Distrcit Zoning)
• Hot Downtown Palm Springs real estate market
Palm Springs Downtown Renaissance – The Palm Springs downtown core is now experiencing a renaissance. The catalyst is Wessman De- velopment’s $150 million redevelopment of 14 acres in the core, pre- viously occupied by the Desert Fashion Mall, called “Downtown Palm Springs”. This game changing project aims to create a walkable project with hotels, retail, office, and residential uses. The first phase featuring a 155-room Kimpton Hotel with a rooftop deck is under construction and scheduled to open in the Spring of 2017. In addition the project will in- clude retail, office and conominiums.
“Shops on Palm Canyon” is also under construction at the SEC Palm Canyon Dr. and Alejo Rd. with a 150-room Hyatt Andaz boutique. The hotel space will include a rooftop pool and 27,000 square feet of retail and restaurants.
350-420 S. PALM CANYON DRIVE | 6 EXECUTIVE SUMMARY
Scarcity of Luxury Condominiums – There is scarcity of new luxury con- dominium options in Palm Springs. A recent survey of four of Palm Springs higher quality condominium communities built since 2003 totaling 266 units, shows only 11 units for sale as of January 2015. Palm Springs’ 92262 zip code saw a 33.6% increase in the median sales price for condomini- ums sold from December 2013 to December 2014.
Excellent Location & Visibility - The Subject site is 4.32 acres bounded by Palm Canyon Drive and Indian Canyon Drive. Ramon Road to the South of the site, is the southern gateway to the core of Palm Springs’ active downtown area. Retail space benefits from +/- 1,300 feet of combined frontage on both Palm Canyon Drive and Indian Canyon Drive. Located in the central business district of downtown Palm Springs this +/- 4.32 acre site is within walking distance to dozens of restaurants, retail, The Palm Springs Museum, Palm Springs Art Museum Architecture and Design Cen- ter, the Agua Caliente Casino the Palm Springs Convention Center and over 2,500 hotel rooms.
Palm Springs - Center For Business & Culture - Palm Springs is a pro-busi- ness city, which is showing strong economic vitality. In the past year, Palms Springs has experienced a significant increase in tourism and a 15% increase in transient occupancy tax. Passenger traffic at Palm Springs In- ternational Airport is up 9.4% through July 2014. In November 2011, Palms Springs residents passed Measure J (a 1% sales tax increase), which pro- poses to raise $280 million over the next 25 years for economic develop- ment. Palm Springs is home to World Class events including Palm Springs Modernism Week, the Palm Springs International Film Festival, and the White Party Palm Springs.
7 | 350-420 S. PALM CANYON DRIVE DOWNTOWN PALM SPRINGS COMMERCIAL DEVELOPMENT
PORT LAWREND (U/C)ANDAZ HOTEL
HYATT PALM SPRINGS SPA HOTEL/ AGUA CALIENTE CASINO DOWNTOWN PALM SPRINGS (U/C) HARD ROCK HOTEL
HISTORIC TENNIS CLUB AREA
THE AVALON HOTEL
350-420 S. PALM CANYON DR.
0 mi 0.5 1 1.5 Copyright © and (P) 1988–2012 Microsoft Corporation and/or its suppliers. All rights reserved. http://www.microsoft.com/streets/ Certain mapping and direction data © 2012 NAVTEQ. All rights reserved. The Data for areas of Canada includes information taken with permission from Canadian authorities, including: © Her Majesty the Queen in350-420 Right of Canada, S. PALM © Queen's CANYON Printer for DRIVE | 8 Ontario. NAVTEQ and NAVTEQ ON BOARD are trademarks of NAVTEQ. © 2012 Tele Atlas North America, Inc. All rights reserved. Tele Atlas and Tele Atlas North America are trademarks of Tele Atlas, Inc. © 2012 by Applied Geographic Solutions. All rights reserved. Portions © Copyright 2012 by Woodall Publications Corp. All rights reserved. DOWNTOWN PALM SPRINGS COMMERCIAL DEVELOPMENT
350-420 S. PALM CANYON DR.
350-420 S. PALM CANYON DRIVE | 9 AERIAL OVERVIEW AERIAL OVERVIEW
Historic Palm Springs Tennis Club Palm Springs Downtown Palm O’Donnell Old Port Desert Regional Hard Rock Spa Hotel/ Agua Tennis Club Area Art Museum Springs Golf Club Las Palmas Hyatt Lawrence Medical Center Hotel Caliente Casino
N
Tahquitz Canyon Way
PS Architecture & Design Center
Eisenhower Health Center
Palm Canyon Drive
Indian Canyon Drive
Ramon Road
Ingleside Inn The Viceroy 350-420 South Palm Canyon Drive
11 | 350-420 S. PALM CANYON DRIVE Historic 350-420 South Spa Hotel/ Tennis Club Vista Old Downtown Palm Canyon Desert Regional Agua Caliente Area Las Palmas Las Palmas Palm Springs Drive Medical Center Casino
N DESERT HOT SPRINGS to Los Angeles to Phoenix
Palm Springs International Airport
Tahquitz Canyon Way Indian Canyon Drive Canyon Indian Ramon Road
Biltmore Colony
Palm Canyon Drive
Palm Ridge Dakota Woodbridge The Cameron The Curve Caliente Tropics Ace (40 Homes) (39 Homes) (New Homes) (80 Homes & Retail) Hotel Hotel Hotel 350-420 S. PALM CANYON DRIVE | 12 AERIAL OVERVIEW
Palm Springs Vista Old O’Donnell Desert Regional Port Spa Hotel/ Agua Convention Las Palmas Las Palmas Golf Club Medical Center Lawrence Caliente Casino Center
DESERT HOT SPRINGS
Palm Springs International Airport NE
Palm Springs
48 @ Arenas
The Villas
St. Baristo
Palm Springs Palm Springs Historic Downtown The Viceroy Ingleside Inn 350-420 South Hard Rock Tennis Club Museum of Art Tennis Club Palm Springs Palm Canyon Hotel Area Drive 13 | 350-420 S. PALM CANYON DRIVE The Parker Hotel
E
Palm Springs International Airport
Downtown Spa Hotel/ Hard Rock Palm Springs Ar- The Viceroy Ingleside 350-420 South The Cameron Woodbridge Palm Springs Agua Caliente Hotel chitecture & Design Inn Palm Canyon (80 Homes & Retail) (New Homes) Casino Center Drive 350-420 S. PALM CANYON DRIVE | 14 THE PROPERTY
Current Improvements Current Site Plan THE PROPERTY
CURRENT IMPROVEMENTS The 4.3-acre site is currently improved with three buildings offering 76,146 square feet of leaseable retail and office space. Existing tenants offer income during the development process until construction commences. A rent roll and operating expenses available upon request, and execution of a Con- fidentiality Agreement.
Tenancy as of August 2016
Tenant SQUARE FEET 1 Rite Aid 18,056 2 Vacant 6,349 3 Tiaquepaque 6,097 4 The Grand Paw (Vacating) 3,151
5 Compass Bank 6,471 6 Best Buys Publishing 1,113 7 Vacant 389 8 Intervention 911 3,856 9 Staples 18,780 SOUTH PALM CANYON DRIVE 10 Staples Basement 12,751 Totals 77,013 SOUTH INDIAN CANYON DRIVE WEST RAMON ROAD
16 | 350-420 S. PALM CANYON DRIVE THE PROPERTY
CURRENT IMPROVEMENTS
View of 362-368 S. Palm Canyon Drive View of 420 S. Palm Canyon Drive
View of Parking Field for 420 S. Palm Canyon View of 350 S. Palm Canyon Drive
350-420 S. PALM CANYON DRIVE | 17 THE PROPERTY
CURRENT SITE PLAN W
S. PALM CANYON DRIVE
EXISTING BUILDING APN 513-204-004 420 S. PALM CANYON DRIVE +/- 66,400 SF W. RAMON RD +/- 11,714 SF BBVA COMPASS BANK
APN 513-204-003 EXISTING BUILDING +/- 65,100 SF 362 - 368 S. PALM CANYON DRIVE +/- 32,905 SF APN 513-204-008 RITE AID SHOPPING CENTER APN 513-214-002 +/- 58,000 SF EXISTING BUILDING 350 S. PALM CANYON DRIVE +/- 31,500 SF VACANT
S. INDIAN CANYON DRIVE
18 | 350-420 S. PALM CANYON DRIVE THE PROPERTY
CURRENT SITE PLAN W
S. PALM CANYON DRIVE
EXISTING BUILDING APN 513-204-004 420 S. PALM CANYON DRIVE +/- 66,400 SF +/- 11,714 SF BBVA COMPASS BANK
APN 513-204-003 EXISTING BUILDING +/- 65,100 SF 362 - 368 S. PALM CANYON DRIVE +/- 32,905 SF APN 513-204-008 RITE AID SHOPPING CENTER APN 513-214-002 +/- 58,000 SF EXISTING BUILDING 350 S. PALM CANYON DRIVE +/- 31,500 SF VACANT
S. INDIAN CANYON DRIVE
19 | 350-420 S. PALM CANYON DRIVE MARKET OVERVIEW
Regional Overview | Coachella Valley Submarket Overview | City of Palm Springs MARKET OVERVIEW
REGIONAL OVERVIEW Coachella Valley Generally referred to as the Palm Springs area, the Coachella Valley (369,596 permanent population with an additional 100,000+ seasonal pop- ulation) is located in Riverside County and stretches over 50 miles from the city of Palm Springs in the west to the Salton Sea in the east. The Coachella Valley, which is bisected by Interstate 10, is strategically located 110 miles east of Los Angeles and 250 miles west of Phoenix. Originally established as an agricultural region and winter vacation spot for Southern California, the Coachella Valley now has a diverse year round economy.
Coachella Valley Statistics 2014 • Hotel occupancy and rates throughout the Coachella Valley are improving. The average daily rate for the first eight months of 2015 was $156.94, which is up 7.4% from the same period from 2014 and from-home for countless celebrities. It became popular as a quick get- also exceeds the same period peak of $132.20 from 2008. The 2015 away due to the legendary “Two-Hour Rule” that required actors under occupancy for the first eight months was 61.3%. contract to be within a two-hour vicinity of the studio in case of last min- • Passenger traffic at Palm Springs International Airport improved ute film and photo shoots. Celebrities such as Frank Sinatra, Dean Martin, 9.3% in 2014, holding the gains of 2012, which saw passenger traf- Sammy Davis Jr., George Hamilton, Bob Hope, Albert Einstein, Bing Cros- fic increase 14.4% from 2011 levels. Passenger traffic for 2015 has re- by, Kirk Douglas, Cary Grant, Marilyn Monroe, and Elizabeth Taylor all had mained consistent with that of 2014. vacation homes in the Coachella Valley. The area has also become the center for “Desert Modernism,” with outstanding examples of mid-centu- • The Coachella Valley housing market continues to see incredible ry modern architecture and vintage furniture found in many of the shops price appreciation. From September 2014 to September 2015, me- tucked throughout the cities. dian single family home price increases for Coachella Valley cities were: Indio (17.4%), Palm Springs (11.4%), Cathedral City (7.1%), Palm The area plays host to a number of world-renowned events, including the Desert (11.5%), La Quinta (0.3%), Rancho Mirage (8.6%), and Indian Palm Springs International Film Festival, the Humana Challenge Golf Tour- Wells (4.3%). nament (formerly the Bob Hope Classic), the BNP Paribas Tennis Open, the Coachella Music Festival, the Stagecoach Country Music Festival, Since the early 1900s, the Coachella Valley has served as a home-away- and the Desert Circuit Horse Show, among others.
21 | 350-420 S. PALM CANYON DRIVE REGIONAL OVERVIEW
Desert Regional Medical Center Downtown Palm Springs Spa Resort Casino Palm Springs International Airport Mt. San Agua Caliente Casino Jacinto Knott's Soak City Water Park
350-420 Indian Canyon Golf Resort
S. PALM UCR & CSUSB CANYON DR. Ritz Carlton Satellite Campuses Rancho Mirage Indian JW Marriott Desert Canyons Springs Resort
College of the Desert Westfield Mall Palm Desert Indian Wells Tennis Garden Fantasy Springs Resort Casino El Paseo Spotlight 29 Casino Shopping District
La Quinta Resort & Club Indio Polo Fields
350-420 S. PALM CANYON DRIVE | 22 MARKET OVERVIEW
SUBMARKET OVERVIEW City of Palm Springs Palm Springs. The city of Palm Springs, located two hours east of Los Angeles, is con- Measure J – Palm Springs is pro-business. In November 2011, Palms Springs sidered the business and cultural center of the Coachella Valley. Palm residents passed Measure J (a 1% sales tax increase), which should raise Springs has a population of 46,135 year round residents with an additional $280 million in the next 25 years for economic development. Palm Springs 33,000 to 35,000 winter season residents. has designated $43 million for the redevelopment of the Desert Fashion Local Area Statistics Plaza. • Palm Spring’s median home price was a record $544,781 in 2006. It Palm Springs International Airport – Palm Springs International Airport is dropped to a low of $313,821 in 2009. Prices stabilized in 2011 and served by 11 airlines, which offer direct flights to 18 cities in the United began accelerating in 2012. As of the second quarter 2014 the me- State and Canada with connections to hundreds of cities worldwide. dian home price was $461,667, which is 15.2% higher than in 2013. Passenger traffic in 2015 remains consistent with that of 2014, which saw a 9.3% increase from 2013 levels. On August 31, 2015, JetBlue Airline an- • According to the Greater Palm Springs CVB, the average daily hotel nounced service from/to Palm Springs and New York City (JFK) five times room rate was a record $142 for the first eight months of 2014. This is per week. up 6.8% from the same period in 2013. Average occupancy of 61.6% for the eight-month 2014 period is the highest since 63.6% in 2007. Desert Regional Medical Center – This is a 387-bed tertiary acute care hospital located in Palm Springs. Desert Regional Medical Center offers • Palm Springs is showing strong signs of recovery. In the past year, the Coachella Valley’s only designated trauma center, which serves Palm Springs has experienced a 22.8% increase in tourism and a 25% more than 8,000 square miles of Southeastern California. In 2011 US News increase in TOT. ranked Desert Regional number 4 out of 41 hospitals in Riverside County • By the year 2020 the city of Palm Springs population is projected to in their Best Hospitals report. grow to over 50,000 with an additional 35,000 to 40,000 winter resi- Downtown Palm Springs – This is the name of Wessman Development’s re- dents. development of the old Desert Fashion Plaza Mall, which is transforming Center for Business & Culture – Palm Springs is the business and cultural Palm Springs’ downtown. The 14-acre site is now under construction and center of the Coachella Valley. Palm Springs is home to the Palm Springs is planned for a pedestrian-friendly urban village, which will include an International Airport, Desert Regional Medical Center, Agua Caliente Ca- open street, a public square, hotels, offices, shopping, and restaurants. sino, and the Indian Canyons. A number of World Class events take place The open-air public square will be used for concerts, films, festivals and each year in Palms Springs. These events include Palm Springs Modern- private functions. The first phase will include a six-story, 155-room Kimpton ism Week, the Palm Springs International Film Festival, and the White Party
23 | 350-420 S. PALM CANYON DRIVE Hotel with a rooftop deck, which is scheduled to open in 2016. A 135-room Spa, and Citron Restaurant. Marriott hotel has also been announced for Downtown Palm Springs. Spa Resort Hotel – The 229-room hotel was closed down by the Agua Cali- Port Lawrence – Approved in 2014, Port Lawrence will be a mixed-use de- ente Band of Cahuilla Indians in July 2014 with the intent to rejuvenate velopment consisting of a 150-room boutique Andaz hotel with ancillary the property. The Spa Casino associated with the resort has remained retail and parking structure. The project is to be built on a vacant 4.1-acre open, while the plans for the renovation are finalized. No details for the parcel located at 400 N. Palm Canyon Drive and will have a private park- project have been released by the tribe. ing structure, along with124 public parking spaces. Hard Rock Hotel – In the fall of 2013 the Hard Rock Hotel opened on In- O’Donnell Golf Club – This is the oldest golf course in the Coachella Valley dian Canyon Boulevard in Palm Springs’ Downtown core. The Hard Rock built in the 1920’s by oilman Thomas A. O’Donnell. It became a private Hotel is comprised of 163 rooms and brings a new brand of lifestyle hotel club in 1944 and today offers members 9-holes of golf, along with a club- experience to Palm Springs with custom furniture, selected artwork, and house, restaurant, and active social calendar, all a relaxing atmosphere a very active spa, bar, and pool area. in the middle of downtown Palm Springs. Arrive Hotel – This 32-room contemporary hotel and restaurant is under Old Las Palmas | Vista Las Palmas – The Old Las Palmas neighborhood is construction and slated to open in Spring 2015. Located in the north end frequently referred to as the ultimate Palm Springs address. Formerly a cit- of the Uptown Design District, Arrive is being developed by Ezra Callah- rus grove, the Old Las Palmas neighborhood is between downtown Palm an, who was the sixth employee of Facebook. Springs and the mountains and contains multimillion dollar older estates and luxury homes. Vista Las Palmas, established in the late 1950’s, located immediately west of Old Las Palmas, has become a symbol of Mid-Centu- ry Modern design.
Historic Tennis Club Neighborhood – The historic Tennis Club neighborhood is located adjacent to the downtown commercial area of Palm Springs. Complementing the 240 single-family residences within the Tennis Club community, there are several condominium properties and over 25 small, boutique-style hotels.
The Viceroy Palm Springs – Located in the Historic Tennis Club area, The Viceroy has set the standard for downtown Palm Springs’ spa resort ex- perience, since it opened in the 1930’s. Owned and operated by The Kor The Ace Hotel Palm Springs Group, the Kelly Wearstler designed Viceroy features 68 rooms, the Estrella
350-420 S. PALM CANYON DRIVE | 24 The Cameron Palm Springs - Developed by Davidson Communities, one of the leading residential companies in the western United States, The Cameron Palm Springs will be the newest collection of luxury in 102 two- and three-story attached residences and commercial spaces designed to suit any lifestyle. The Cameron offers three product types—up to 2,290 SF three-bedroom and three-bath floor plans—as well as ground-floor work spaces in select homes, with thoughtfully designed architecture that re- flects both contemporary and mid-century styling.
The Twist Vacation Rentals - The Twist was acquired in 2012 by developers Tim Brinkman and Paul Warrin of San Francisco. Located in the Uptown Design District of Palm Springs, the luxury complex totals 39 remodeled furnished vacation rentals and unfurnished apartment rentals, including studios, one-bedroom and two-bedroom floor plans in a modern contem- porary style. Rendering - The Cameron Palm Springs
750 Lofts Development plans to demolish a 1980s-era former bank build- ing and construct a 39-room boutique hotel at 750 N. Palm Canyon Drive were approved in September 2015. The three-story 750 Lofts project, de- scribed as a “five-star concept,” will include a 113-seat restaurant, rooftop pool and bar area, spa and banquet space. Located in Palm Springs’ Uptown Design District and within the Las Palmas Business Historic District, construction on the project is set to begin in 1st Quarter 2016.
Palm Ridge Approved for development in July 2015, Woodbridge Pacif- ic Group’s Palm Ridge subdivision will include 40 single-family residential homes of mid-century modern style architecture on approximately 20 acres located along the east end of Ramon Road. The project consists of five three-bedroom and three-and-a-half bath floor plans up to 3,700 SF offering office space and three-car garages. Select floor plans feature a Palm Springs Tennis Club game room and casita with full bath.
350-420 S. PALM CANYON DRIVE | 25 MARKET OVERVIEW
350-420 S. PALM CANYON DR.
MARKET SNAPSHOT Palm Springs Population: 46,611 Average Household Income: $64,172 Retail SF: 5,129,807 Office SF: 2,138,584 Industrial SF: 1,441,569 Average For-Sale Housing Price: $501,000 White Collar Job Force 60.5% College Level Education 38.8%
© 2015 CBRE, Inc. This information has been obtained from sources believed reliable. We hove not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used ore for example only and do not represent the current or future performanceof the property. You and your advisors should conduct a careful, independent investigation of the property to detem,ine to your satisfoction the suitability of the property for your needs. CBRE and the CBRE logo ore service marks of CBRE, Inc. and/or its affiliated or related companies in the United Stoles and other countries. All other marks displayed on this document are the property of their respective owners. Retail 24/7. All Rights Reserved. Sources: CBRE Mapping Services (877) 580-4674; Nielsen, Stree!Pro, Aeriols Express LLP. MapFiles\Work.2015\309910.wor 1/29/2015 CBRE
26 | 350-420 S. PALM CANYON DRIVE APPENDIX APPENDIX
ZONING CODE SUMMARY - 350, 362-368, AND 420 S. PALM CANYON DR.
28 | 350-420 S. PALM CANYON DRIVE APPENDIX
ZONING MAP GENERAL PLAN MAP
29 | 350-420 S. PALM CANYON DRIVE APPENDIX
30 | 350-420 S. PALM CANYON DRIVE APPENDIX
CODE EXCERPTS, CONT.
31 | 350-420 S. PALM CANYON DRIVE APPENDIX
CODE EXCERPTS, CONT.
32 | 350-420 S. PALM CANYON DRIVE APPENDIX
CODE EXCERPTS, CONT.
33 | 350-420 S. PALM CANYON DRIVE APPENDIX
CODE EXCERPTS, CONT.
34 | 350-420 S. PALM CANYON DRIVE APPENDIX
CODE EXCERPTS, CONT.
35 | 350-420 S. PALM CANYON DRIVE APPENDIX
CODE EXCERPTS, CONT.
36 | 350-420 S. PALM CANYON DRIVE APPENDIX
CODE EXCERPTS, CONT.
37 | 350-420 S. PALM CANYON DRIVE APPENDIX
CODE EXCERPTS, CONT.
38 | 350-420 S. PALM CANYON DRIVE APPENDIX
CODE EXCERPTS, CONT.
39 | 350-420 S. PALM CANYON DRIVE AFFILIATED BUSINESS DISCLOSURE & CONFIDENTIALITY AGREEMENT
Affiliated Business Disclosure approximations. Additional information and an opportunity to inspect the Property CBRE, Inc. operates within a global family of companies with many subsidiaries will be made available to interested and qualified prospective purchasers. In this and/or related entities (each an “Affiliate”) engaging in a broad range of Memorandum, certain documents, including leases and other materials, are commercial real estate businesses including, but not limited to, brokerage services, described in summary form. These summaries do not purport to be complete nor property and facilities management, valuation, investment fund management necessarily accurate descriptions of the full agreements referenced. Interested and development. At times different Affiliates may represent various clients with parties are expected to review all such summaries and other documents of competing interests in the same transaction. For example, this Memorandum whatever nature independently and not rely on the contents of this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell in any manner. Crow Company. Those, or other, Affiliates may express an interest in the property Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, described in this Memorandum (the “Property”) may submit an offer to purchase Affiliates or representatives make any representation or warranty, expressed or the Property and may be the successful bidder for the Property. You hereby implied, as to the accuracy or completeness of this Memorandum or any of its acknowledge that possibility and agree that neither CBRE, Inc. nor any involved contents, and no legal commitment or obligation shall arise by reason of your Affiliate will have any obligation to disclose to you the involvement of any Affiliate receipt of this Memorandum or use of its contents; and you are to rely solely in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act on your investigations and inspections of the Property in evaluating a possible in the best interest of the client(s) it represents in the transaction described in this purchase of the real property. Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offerer or prospective The Owner expressly reserved the right, at its sole discretion, to reject any or all offerer, but rather will conduct its business in a manner consistent with the law and expressions of interest or offers to purchase the Property, and/or to terminate any fiduciary duties owed to the client(s) it represents in the transaction described discussions with any entity at any time with or without notice which may arise as a in this Memorandum. result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to Confidentiality Agreement purchase the Property unless and until written agreement(s) for the purchase of This is a confidential Memorandum intended solely for your limited use and benefit the Property have been fully executed, delivered and approved by the Owner in determining whether you desire to express further interest in the acquisition of and any conditions to the Owner’s obligations therein have been satisfied or the Property. waived. This Memorandum contains selected information pertaining to the Property and By receipt of this Memorandum, you agree that this Memorandum and its does not purport to be a representation of the state of affairs of the Property or contents are of a confidential nature, that you will hold and treat it in the strictest the owner of the Property (the “Owner”), to be all-inclusive or to contain all or confidence and that you will not disclose this Memorandum or any of its contents part of the information which prospective investors may require to evaluate a to any other entity without the prior written authorization of the Owner or CBRE, purchase of real property. All financial projections and information are provided Inc. You also agree that you will not use this Memorandum or any of its contents in for general reference purposes only and are based on assumptions relating to the any manner detrimental to the interest of the Owner or CBRE, Inc. general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and If after reviewing this Memorandum, you have no further interest in purchasing the other information provided and made herein are subject to material variation. Property, kindly return this Memorandum to CBRE, Inc. All references to acreages, square footages, and other measurements are
350-420 S. PALM CANYON DRIVE | 40 350 PALM CANYON DR PALM SPRINGS, CA
TIMOTHY L BOWER MARCO ROSSETTI GABRIELLE LARDIERE Senior Vice President Senior Associate +1 310 550 2605 +1 310 550 2521 +1 760 578 4723 [email protected] [email protected] [email protected] Lic. 01911073 Lic. 00864693 Lic. 01805951
© 2015 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written content of the owner is prohibited. CBRE and the CBRE logo are service marks of CBRE, Inc. and/ or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.