Northmarq completes sale of grocery-anchored shopping center in Cathedral City, CA
CATHEDRAL CITY, Calif. (Sept. 13, 2024) — Northmarq’s Pacific Northwest Commercial Investment Sales team of Sean Tufts, Kevin Adatto, Scott Frank and Joe Dugoni successfully brokered the sale of Cathedral City Marketplace, a 194,776-sq.-ft. grocery-anchored shopping center in Cathedral City, California.
Northmarq represented the seller, Hyperion Realty Capital out of Sherman Oaks, California, and the buyer, Rhino Investments Group, LLC of Henderson, Nevada. The property is anchored by Food 4 Less, a Kroger brand, and is located just 10 minutes from Disney’s new Cotina development, adding significant growth potential to the area.
The Northmarq team will be handling selling outparcel pads for immediate sale:
“We are excited to announce the sale of the Cathedral City Marketplace, an extremely well-located Food-4-Less anchored center in Cathedral City,” Adatto said. “The strong performing center's trajectory will only increase with the extensive growth happening in the submarket. The transition to Northmarq has provided a platform that allows us to effectively help our clients expand and grow into markets outside of just the Pacific Northwest. We appreciate the loyalty and support of our valued relationships.”
Cathedral City Marketplace features 194,776 square feet of multi-tenant retail space. Built in 1990, the property is located on 21.78 acres at 334001 Date Palm Drive. Active leases include Planet Fitness and other local service providers and retailers, including Food 4 Less, Planet Fitness, and dd’s DISCOUNTS.
Tufts, Adatto, Frank and Dugoni joined Northmarq in August 2023 from CPX, LLC, establishing new Seattle and Portland offices for Northmarq and reinforcing best-in-class service for clients in the Pacific Northwest and across the country.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
