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49730 Jefferson Street

JLL Leases Retail Space To Babe's Smokehouse At Canopy At Citrus In Indio
LEASEDRetail

JLL Leases Retail Space To Babe's Smokehouse At Canopy At Citrus In Indio

49730 Jefferson Street

Building Size

3,125 SF

Asset Type

Retail

Closing

Mar 11, 2024

AI

The retail property located at 49730 Jefferson Street in Indio, California, consists of a 3,125-square-foot space, including a 2,275-square-foot indoors area and an 850-square-foot patio, leased by Canopy, L.P. to Donald Warren Callender for his restaurant, Babe’s Smokehouse & Tavern.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: Not specified
  • Address: 49730 Jefferson Street
  • Market: Indio
  • Asset Type: Retail
  • Square Footage: 3,125

Brian Quinn of JLL represented the landlord, Canopy, L.P., in this lease agreement, bringing Canopy at Citrus to full occupancy with the addition of Babe’s Smokehouse and Tavern. The lease reflects the strong demand in the retail industry in Indio, California, with low vacancy rates and rising rents, as indicated in JLL's United States Retail Outlook.

Players

Brian Quinn

JLL

Broker

$25.5M

vol

5 deals

Broker

Indio Retail Market Snapshot

Boundary boundary · Retail · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93