COLDWELL BANKER COMMERCIAL LYLE & ASSOCIATES Palm Desert, CA
PROFESSIONAL PLAZA EAST AND WEST 2145 & 2225 East Tahquitz Canyon Way, Palm Springs, CA 92262 2145 & 2225 East Tahquitz Canyon Drive, Palm Springs, CA COLDWELL BANKER COMMERCIAL LYLE & ASSOCIATES Palm Desert, CA
Confidential Offering Memorandum TABLE OF CONTENTS This is neither an offer to sell nor a solicitation of an offer to buy a security. Information about this investment offering must be read in conjunction with a Confidential Offering Memorandum, which contains additional important Overview ...... 1 information and important disclosures about the property and the offering. Prospective investors should consult their own tax or legal advisors to Surrounding Area ...... 2, 3 evaluate the tax consequences of any investment. The information in this Offering Summary ...... 4 material is current as 05/24/2017, unless otherwise noted. Rent Roll ...... 5 Neither Owner nor Broker, nor any of their respective officers, Agents or Property Expenses ...... 6 principals has made or will make any representations or warranties, express or implied, as to the accuracy or completeness of this Marketing Package or Potential Income Chart ...... 7 its contents. Analysis and verification of the information contained herein is Comparables Report ...... 8, 9 solely the responsibility of the prospective buyer, with the property to be sold Plat Map ...... 10 on an “As Is - Where Is” basis, without any representations as to the physical, financial, or environmental condition of the property. Please DO NOT Aerial ...... 11 Contact Tenant. Contact Broker to arrange access to property. Demographics ...... 12
Presented by: Building Photos ...... 13-14 Rob Wenthold David Stolte Contacts ...... 15 Cal BRE #01153834 CalBRE #00761417 Coldwell Banker Commercial BALLEYKISSEL LIMITED, LLC Lyle & Associates 78000 Fred Waring Drive 848 Glorietta Boulevard Suite 200 Coronado, CA 92118 Palm Desert, CA 92211 (760) 641-7602 M (619)832-3858 M (760) 772-6499 F (619)435-2906 O [email protected] [email protected]
PROFESSIONAL PLAZA EAST AND WEST, PALM SPRINGS, CA COLDWELL BANKER COMMERCIAL LYLE & ASSOCIATES Palm Desert, CA
OVERVIEW
PROFESSIONAL PLAZA EAST AND WEST .... Two vintage, prominent, modern-style Office Buildings located on the highly desirable E. Tahquitz Canyon Way "corridor", adjacent to the former Palm Springs Mall (soon to be College of the Desert) and within a very short distance to Palm Springs City Hall and Palm Springs International Airport. Designed by renowned Architect Donald Wexler, these single- story Buildings, available for purchase for the first time, include an impressive accumulation of five lots fronting E. Tahquitz Canyon Way. Currently configured to include ten Suites, with three separate private parking lots, these Buildings historically operate above 90% occupancy, and provide a sound opportunity for any investor or owner-user interested in acquiring a classic portion of P.S. real estate and "charm". Located on the South side of E. Tahquitz Canyon Way at Sunset Way, between the major intersect ions of Sunrise Way and Farrell Drive. ABOUT THE ARCHITECT
DONALD WEXLER was an influential Mid -Century modern architect whose work is predominantly in the Palm Springs, California, area. He is known for having pioneered the use of steel in architectural design. The desert environment influenced his architectural choices. The use of steel was more a practical choice than anything else. He had built a house out of wood in 1955 and Dinah Shore's Palm Springs Home, now owned by quickly realized it wasn’t the best material to use for the desert Leonardo DiCaprio. Designed by Donald Wexler conditions. His efforts to simply find a better material led to a decision that ma de its mark on midcentury modern architecture.
A disciple of the California architect Richard Neutra, Wexler went to Palm Springs in the early 1950s to work for William Cody, a leading practitioner of the style known as Desert Modern. He went on to become one of the most celebrated Midcentury Modern Architects in the spot that became ground zero for celebrating Midcentury Modern Architecture – Palm Springs. Palm Springs Airport Terminal, designed by Donald Wexler
1 2145 & 2225 East Tahquitz Canyon Drive, Palm Springs, CA COLDWELL BANKER COMMERCIAL LYLE & ASSOCIATES Palm Desert, CA
SURROUNDING AREA
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SURROUNDING AREA (Continued)
“FORMER” PALM SPRINGS MALL (Adjacent Property)…soon to be College of the Desert West Valley Campus The master plan, released in January, outlines a five-phase, 330,000-square foot development for the campus and would include a library, a conference center and retail space in addition to classrooms. COD looks to expand the West Valley Campus in the areas of hospitality management, film studies and culinary arts. COD board voted to pursue eminent domain to acquire the property, and it remains “in process”. COD has long cited its increased enrollment as one of the key reasons it needs a west valley campus. In 2013 students from Desert Hot Springs, Cathedral City and Palm Springs made up almost 30 percent of the school's enrollment, according to the campus master plan. In Palm Springs alone, COD serves between 1,800-1,900 students currently, and last year it saw a 14.6 percent growth in full-time enrolled students. About $40 million of Measure B funds has already been set aside to build a permanent campus in the west valley, and about $34 million of that earmarked money remains.
THE SCENE in Palm Springs…formerly known as The Courtyard Two spectacular new lifestyle restaurant buildings coming soon to the center of Palm Springs finest office/entertainment complex – The Courtyard. This redevelopment proposes 10 new restaurant spaces with patios and modern, eye catching architecture. The existing Regal Movie Theater is expected to undergo a $2.5 million luxury seating renovation this summer.
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COLDWELL BANKER COMMERCIAL LYLE & ASSOCIATES Palm Desert, CA
RENT ROLL
Suite Tenant Lease Expiration SF Rent PSF Current (Monthly) Current (Annual) 2145-1 Dennis Marta, DPM MTM 1,200 $1.68 $2,014.00 $24,168.00 2145-5, 6 Palm Springs Healing Center 4/30/2018 2,400 $1.33 $3,192.26 $38,307.12 2145-2 Donald Voyne, DDS 7/31/2019 1,200 $1.56 $1,877.08 $22,524.96 2145-3 Harin Shodhan, DDS 6/30/2017 900 $1.67 $1,500.00 $18,000.00 2145-4 VACANT 1,500 $0.00 $0.00 2225-1, 2 Schantz/Moranda DDS 5/31/2019 3,100 $1.15 $3,565.00 $42,780.00 2225-3 Palm Springs Dentistry 2/28/2020 1,200 $1.77 $2,121.80 $25,461.60 2225-4 Relax Palm Springs 2/28/2021 1,200 $1.29 $1,545.00 $18,540.00 2225-5 Relax Palm Springs 7/15/2022 1,200 $1.20 $1,400.00 $16,800.00 2225-6 Sonia Brulez Whole Body 4/30/2019 1,200 $1.11 $1,337.53 $16,050.36 TOTALS 15,100 $1.23 $18,552.67 $222,632.04
Total Occupied 13,600 90.1% Total Vacant 1,500 9.9% All leases are Modified Gross.
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COLDWELL BANKER COMMERCIAL LYLE & ASSOCIATES Palm Desert, CA
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COMPARABLES REPORT
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PLAT MAP
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AERIAL
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BUILDING PHOTOS
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BUILDING PHOTOS (Cont’d.)
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CONTACT INFORMATION
Rob Wenthold, Vice President David Stolte Cal BRE #01153834 CalBRE #00761417 COLDWELL BANKER COMMERCIAL Balleykissel Limited, LLC LYLE & ASSOCIATES 78000 Fred Waring Drive, Suite 200 848 Glorietta Boulevard Palm Desert, CA 92211 Coronado, CA 92118 (760) 772-6400 T (619)832-3858 (760) 641-7602 M (619)435-2906 [email protected] [email protected]
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