Marty Clouser of Kennedy Wilson Real Estate Sales & Marketing represented the buyer in the acquisition of this off-market vacant industrial building in Cathedral City, CA.

The building featured two roll-up doors for easy receiving, open interior space, generous off-street parking and sizable secured storage yard. Also, the property was recently updated with a 2nd water meter plus the installation of a sewer connection to city services and related decommissioning of the septic system. The buyer plans to update the buildings power system, reinforce the roof for additional HVAC and lease on a NNN basis. At the time of the sale similar vacant buildings in the same area were trading for $3 million or more.

The transaction closed in less than 30 days for $2 million ($266/SF)