Human Rights Day >> Desert Business Park's Phase I in Palm Desert, CA Sold Out! Exceptional Activity Spurs Phase II Development Plans

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Date: 2004.06.15 10:00:22
Category: Real Estate
From: Anne Monaghan
Company: Monaghan Communications
Phone: 949-722-2933

Desert Business Park's Phase I in Palm Desert, CA Sold Out! Exceptional Activity Spurs Phase II Development Plans

(PRLEAP.COM) INDIAN WELLS, CA (June 14, 2004) – CB Richard Ellis, one of the largest commercial real estate services companies in the world and the exclusive broker and marketing agent for the new 80-acre Desert Business Park in Palm Desert, announced today that all lots located in Phase I have been sold and, due to the high demand, developer Investco Financial Corporation has commenced development of Phase II with 14 lots available for sale by late summer, 2004.

According to Brian Ward of the CB Richard Ellis Indian Wells office, a marketing representative for Desert Business Park, "Due to the increasing demand in the region for flexible light industrial, showroom, and professional office space, we have sold out Phase I, which consists of 21 lots, and expect swift sale of the 14 lots in Phase II."

The developer of the Desert Business Park is Seattle-based Investco Financial Corporation. "We had a vision for a well-designed park that meets the expanding business needs of the Coachella Valley. We are extremely happy that Desert Business Park has been so well received and is becoming a desirable destination for high quality businesses," said Marty Waiss, President of Investco.

"Leasing activity in the Park is very strong," reports Ward. "Golf Outlets of America, Inc. and CDS Construction recently committed to leasing space in Investco’s newly completed buildings in Phase I." Golf Outlets of America of Palm Desert, which sells golf equipment, apparel and accessories direct to golfers at up to 70% a discount, leased an entire 13,350-square-foot building. CDS Construction of La Quinta, which builds commercial and high end residential properties, will occupy 5,000 square feet of a 7,400-square-foot building. Both tenants plan to open in the fall, 2004.

"Investco has completed the construction of eight buildings totaling approximately 72,000 square feet located in Phase I. Six of the eight buildings have already been leased and the developer will begin construction in the late summer on a 20,000-square-foot Class A office building at the Park’s entrance," says Ward. The Class A office building is expected to accommodate financial institutions, real estate and financial services companies and medical tenants and be completed in early 2005.

"In addition to the 14 lots that will be available for sale in Phase II, Investco plans to build four buildings which will offer 110,000 square feet for distribution and warehouse needs and nearly 40,000 square feet targeting showroom/office needs," Ward explains. "Desert Business Park also offers great leasing flexibility. Professionals who need high quality office or showroom/warehouse space have the opportunity to lease a 2,400-square-foot suite on up to a freestanding 55,000-square-foot building."

Desert Business Park is located in the heart of the Coachella Valley, at the southwest corner of Washington Street and Del Webb Boulevard, and offers a convenient location with easy access to the I-10 Freeway and all of the desert cities. It is situated just west of the successful Del Webb’s Sun City community and near the intersection of the I-10 Freeway and Washington Street, the busiest interchange in the Valley. "Tenants really like the Park’s location, but they also consistently cite the importance of having low cost Imperial Irrigation District power," adds Ward.

Investco Financial Corporation is one of Seattle’s most successful real estate development and asset management companies. With a 20-year track record of accomplishment, the company is focused on property acquisition, development, financing and management.

About CB Richard Ellis
Headquartered in Los Angeles, CB Richard Ellis is the world’s leading commercial real estate services firm. With approximately 14,000 employees, the company serves real estate owners, investors and occupiers through more than 250 offices worldwide. The company’s core services include property sales, leasing and management; corporate services; facilities and project management; mortgage banking; investment management; capital markets; appraisal and valuation; research; and consulting. For more information, visit the company’s Web site at www.cbre.com.

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