Status: 

MUC (Mixed Use)

Active

The Ovaness-Rostamian Group of Marcus & Millichap is proud to present 82462 Highway 111 Shopping Center, a true value-add shopping center with repositioning and redevelopment potential.  

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The shopping center encompasses approximately 49,729 square feet of retail and storage space on 85,000 square feet of land.  

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It features a 7,900 square-foot Chase Bank as the anchor tenant, along with other retail shops like American Pawn Kings (3,623 square feet), VIP Smoke Shop (1,501 square feet), and Cabinet Brother 365 DS Inc (1,564 square feet). There’s also an 8,500 square-foot storage space for Cabinet Brother 365 DS Inc. In addition, there is approximately 26,641 square feet of available retail space with ceilings up to 16 feet high, making it suitable for potential tenants like a grocery store or a medical facility. Behind the shopping center, an additional 85,000 square feet of developable space is situated next to the Palmera Project. The Palmera Project is currently in the process of developing 346 multi-family residential units, both for rent and for sale, in one-story and two-story buildings, with some units featuring a third-level Skydeck.  

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Notably, the investment offers the advantage of existing passive income during the redevelopment process, providing investors with a covered land play or an owner user with the ability to offset their expenses from receiving the income generated from the rest of the property.  

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Located directly across from the Riverside County Fairgrounds and the Superior Court of California in the City of Indio, Riverside County, this shopping center serves as an essential neighborhood location. It offers convenient access from both Highway 111 and Arabia Street and is situated in a qualified Opportunity Zone. The property also offers ample sign space for new tenants. It’s prominently positioned at the signalized corner of Highway 111 and Arabia Street, benefiting from high traffic with over 27,111 cars per day. Furthermore, 82462 Highway 111 Shopping Center is strategically located less than one mile from the heavily traveled 10 Freeway, with over 64,000 cars passing by daily. 

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In 2019, the Riverside County Fair attracted over 1.1 million visitors and is scheduled to reopen in February 2023. Indio, known as the City of Festivals, is the largest and fastest-growing City in the Coachella Valley. It’s home to prominent local events such as Coachella and Stagecoach. The property is situated just south of downtown Indio, near the College of the Desert East Valley Campus, which recently expanded to serve over 10,000 students. It’s also located to the east of the master-planned Indio Grand Marketplace, a development encompassing 31 acres of vibrant retail and entertainment, along with 8 acres designated for residential and hotel use.  

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Location is paramount for any redevelopment opportunity. The Coachella Valley is witnessing continuous population and job growth. The property, conveniently situated, is just 18 miles from the Palm Springs International Airport (PSP), which boasts runways capable of servicing the world’s largest all-cargo aircraft and is part of a select group of U.S. airports with this capability. 

Indio enjoys robust demographics and is only a 2-hour drive from Downtown Los Angeles. Within a 5-mile radius, it boasts a population of over 161,000 residents, with an average household income exceeding $88,000. It’s worth noting that the property lies within a qualified opportunity zone and aligns with the City of Indio’s Downtown Specific Plan.