This Retail Property is Off-Market.

64949 Mission Lakes Boulevard
Desert Hot Springs, CA 92240 ·

64,850 SF · Retail For Sale

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The Village at Mission Lakes

Price N/A Construction Status Under Construction/Proposed
Gross Leasable Area 64,850 SF Distressed Yes
Property Type Retail Commission Split 2.5%
Property Sub-type Community Center Lot Size 6.60 AC
Property Use Type Vacant/Owner-User
Listing ID: 16315608 Date Created: 07/13/2009 Last Updated: 08/24/2009

Description

The Village at Mission Lakes is an UNAPPROVED SHORT SALE. The Village at Mission Lakes is a 51,776-square foot commercial center in West Desert Hot Springs, across from the Mission Lakes Country Club. With a Santa Barbara style architecture, the center has 44,000 square feet in Building #1, which is 90 percent complete and includes 10,000 square feet of office space, a food court of 5,200 square feet and 28,800 square feet for retail. Building #2 is approximately 50 percent completed and is envisioned as a restaurant row for two or three quality restaurants, something the City of Desert Hot Springs desperately needs. A third building of 13,000 square feet has been approved and designed but has not been built pending the successful rent up of the first two buildings. No income or expenses for Building #3 have been included in this proposal.

The property was bought in 2005 with funds from the lender, Estate Financial, Inc. Construction began in early 2006 and continued until April, 2007 when Estate Financial, Inc. informed us that they were not able to pay any more vouchers. In July, 2007, Estate Financial filed for bankruptcy. Since then, the project has been shut down

The City of Desert Hot Springs is a city of approximately 24,000 people. Located 100 miles from Los Angeles, 50 miles from Ontario International Airport and six miles from the Palm Springs Airport, it is the city that all experts agree will be the fastest growing city in the Valley in the years ahead due to its location, available land area and developer interest. The Village at Mission Lakes is located at the intersection of Little Morongo Road and Mission Lakes Boulevard approximately two and one half miles from the center of town on the West side of Desert Hot Springs, in the more affluent area of town. There are over 3,000 homes within five a minute drive of the center and the L.A. Times recently wrote that the West side of the Coachella Valley (Desert Hot Springs & Palm Springs) will be the fastest growing area in the next decade because of the short commute to Riverside and San Bernardino.

Research

64949 Mission Lakes Boulevard, Desert Hot Springs, CA 92240 (Riverside County)

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