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CATHEDRAL CITY, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $4.2 million sale of a newly constructed, single-tenant retail property located in Cathedral City, approximately seven miles southeast of Palm Springs. A 3,700-square-foot Circle K convenience store occupies the building, which is situated within Cathedral Cove Center on a 20-year triple-net-lease with 10 percent rent increases every five years. Circle K is scheduled to open in fall 2025.
Bill Asher and Jeff Lefko of Hanley represented the seller and developer, Newport Beach, Calif.-based Fountainhead Development, in the transaction. Joe Ahearn of Pinnacle Estate Properties represented the 1031 exchange buyer, a Ventura, Calif.-based private investor.