IRVINE AND SILICON VALLEY, Calif. – March 1, 2016 – Ten-X (formerly Auction.com), the nation’s leading online real estate marketplace, will offer the Town Center Plaza retail center in Palm Desert, California, for sale in a Managed Bid Event scheduled for April 6 on the new Ten-X Commercial platform, launching in March. The online event will take place in a custom, two-step process typically reserved for higher-priced properties, allowing interested participants to first qualify for a "short list" by submitting sealed indicative offers prior to the event. Indicative offers are due March 11.
Town Center Plaza is an 82,900-square-foot grocery-anchored property with an existing tenant mix that includes national retailers Trader Joe’s, Michael’s Arts and Crafts and Tuesday Morning. A mix of local retailers and popular restaurants also comprise the 87-percent occupied property. It is situated in the core of Palm Desert’s retail district and is the only retail center contiguous to the Westfield Palm Desert Regional Mall, the largest mall in the Coachella Valley. Palm Desert is a year-round destination located 11 miles east of Palm Springs, California.
“Town Center Plaza reflects the nature of high-quality retail properties investors have access to on the proven Ten-X platform,” said Ten-X Commercial Real Estate Division General Manager Gordon Smith. “This is an attractive investment in a great location with national retailers in place. And with no existing debt, any buyer can purchase Town Center Plaza and take advantage of the current low interest rate environment.”
Town Center Plaza was built in 1993 and sits on an 8.32-acre lot on 44100, 44150, 44200 and 44250 Town Center Way, off Fred Waring Drive close to Highway 111 and College of the Desert. It presents a value-add opportunity through lease-up of 11,100 square-feet. Additional information can be found at https://www.auction.com/commercial/.
Ten-X is teaming with Robert Whitney II to present Town Center Plaza. For more information, please click here or call 844-694-4976.
Ten-X (formerly Auction.com) is the nation’s leading online real estate marketplace, having sold 200,000+ residential and commercial properties totaling more than $37 billion since 2007. Leveraging desktop and mobile technology, Ten-X allows people to safely and easily complete real estate transactions entirely online. The company brings a breadth of quality assets to the market, attracting prospective buyers through world-class marketing and leveraging a scalable technology platform to conduct transactions in a transparent, efficient manner.
Ten-X empowers consumers, investors and real estate brokers around the world with unprecedented levels of flexibility, control and simplicity – and the convenience of transacting properties whenever and from wherever they are. As real estate continues to move online, Ten-X is uniquely positioned to be at the forefront of this dramatic behavioral shift.
Ten-X is headquartered in Irvine and Silicon Valley, Calif., and has offices in key markets nationwide. Investors in the company include Google Capital and Stone Point Capital. For more information, visit Ten-X.com.