The River at Rancho Mirage. Picture courtesy of CBRE
Dave & Buster’s has signed a 22,982-square-foot lease at CL Funding Group’s The River at Rancho Mirage, a 227,000-square-foot retail property in Rancho Mirage, Calif. CBRE brokered the transaction. The restaurant might be inaugurated on the location within the third quarter of this yr.
Based on a latest CBRE report, the retail lease development within the first quarter of this yr continued to surpass the 10-year common, with a year-over-year improve of two %, pushed by the neighborhood, neighborhood and strip middle phase. Whereas energy middle rents remained steady, rents for life-style facilities and malls skilled a decline.
A Riverside County retail property
The approach to life and leisure middle got here on-line in 2001 at 71800 Freeway 111, in an space the place the each day automobile visitors quantities to greater than 67,500 autos. CL Funding Group picked up the Riverside County asset in 2014 for $65 million, in line with CommercialEdge knowledge.
The River at Rancho Mirage encompasses a 1,100-foot river water characteristic, public sitting areas, walkways and a 100-seat outside amphitheater. Moreover, the retail middle encompasses 20,000 sq. ft of workplace house.
Century Theatre, The Cheesecake Manufacturing unit, P.F. Chang’s and Yard Home are the property’s anchor tenants. Verizon, Tesla, Starbucks, Bathtub & Physique Works and Ben & Jerry’s even have leases on the procuring middle, the identical knowledge supplier reveals.
CBRE Vice President Marco Rossetti and Senior Vice President Walter Pagel represented the owner within the lease signing, whereas Senior Vice President Scott Riddles, First Vice President Derek Fitch and Senior Affiliate Rob Crumly brokered the deal on behalf of Dave & Buster’s.
