A newly built retail asset, specifically a Circle K, located at 68835 East Palm Canyon Drive in Cathedral City, has been sold for $4.2 million. The property spans 3,700 square feet and features a 20-year NNN lease with 10% rent increases every five years.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $4,200,000
• Square Footage: 3,700 SF
• Price Per Square Foot: $1,135
• Seller: Fountainhead Development
• Buyer’s Representative: Joe Ahearn - Pinnacle Estate Properties
• Seller’s Representatives: Bill Asher & Jeff Lefko - Hanley Investment Group
• Market: Cathedral City

The transaction was facilitated by Bill Asher and Jeff Lefko from Hanley Investment Group, representing the seller, Fountainhead Development. Joe Ahearn from Pinnacle Estate Properties represented the buyer, who was involved in a 1031 exchange originating from Ventura.