Cathedral City, CA – September 15, 2016 – CBRE Group Inc., announces the sale of Perez Business Park, the largest multi-tenant industrial project in Cathedral City, California, for $18.36 million. Matt Pourcho, Gary Stache and Anthony Delorenzo of CBRE’s Investment Properties-SoCal Team (IPSOCAL) represented both sides of the transaction. The seller, Global Properties sold the property to an undisclosed family office in a 1031 exchange.
The industrial park has seven buildings, totaling 212,514 square feet, situated on more than 12 acres and was approximately 96 percent leased at the time of the sale. The property is located at 68703 - 68805 Perez Road, in Cathedral City, with direct access off the 10 freeway and one block north of Highway 111. Noteable tenants in the industrial park include Cathedral City Chamber of Commerce, Sherwin Williams, Molly Maids, US Air Conditioning, Interstate Batteries and more.
“We had a tremendous amount of activity within the first few weeks of marketing this property due to the strong market fundamentals, long-term stable cash-flow and with limited risk”, said Matt Pourcho, vice president of CBRE’s Investment Properties – Southern California. This transaction was challenging due to a required loan assumption and closing extensions so the buyer could facilitate an exchange.”
Cathedral City is the second largest city in the Coachella Valley and ranks in the top three cities in the Coachella Valley in population, retail sales and total taxable sales.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
