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71800 Hwy 111, Rancho Mirag...

Dave & Buster's Signs Lease For 22,982-Square-Foot Space At The River At Rancho Mirage
LEASEDRetail

Dave & Buster's Signs Lease For 22,982-Square-Foot Space At The River At Rancho Mirage

71800 Hwy 111, Rancho Mirage, CA 92270

$25

$25/SF

Building Size

22,982 SF

Asset Type

Retail

Closing

May 18, 2023

AI

Dave & Buster's has signed a lease for a 22,982-square-foot space at The River at Rancho Mirage, a premier retail center in California's Rancho Mirage. The lease was facilitated by the landlord, CL Investment Group, and the tenant's representatives from CBRE, including Scott Riddles, Derek Fitch, and Rob Crumly. The landlord's representatives from CBRE, Marco Rossetti, and Walter Pagel, also played a role in the transaction. The lease agreement sets the asking rent at $25 per square foot.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: Not Applicable
  • Address: 71800 Highway 11, Rancho Mirage
  • Market: Rancho Mirage

The lease agreement between Dave & Buster's and CL Investment Group will bring a new demographic to The River at Rancho Mirage. The retail center is known for its unique design elements and popular anchor tenants. Dave & Buster's plans to open its location in the third quarter of 2023, offering a new entertainment option for visitors to the retail center.

Players

Walter Pagel

CBRE

Broker

$18.5M

vol

4 deals

Broker
CG
CL Investment GroupLandlord
DB
Dave & Buster’sTenant

Los Angeles 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

634520.00%

Cash-on-Cash

-181347.76%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93