Monterey Marketplace Rancho Mirage, CA
The Area
The City of Rancho Mirage located in the Coachella Valley presented Baycrest an attractive opportunity in one of the growing populated areas in Southern California. The Coachella Valley is one of the most heavily traveled go-to vacation destinations in America. The local municipalities have been aggressive with addressing the growth and expanding opportunities in new retail developments. The City of Rancho Mirage economic development set up a special agency to address need of more retail development for their communities shopping needs.
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The Opportunity
Baycrest met with the Economic Director for the City of Rancho Mirage and set its management team to work on implementing a development strategy to construct a shopping center on thirty three acres of City owned land located at the Southwest corner of Monterey Avenue and Dinah Shore Drive near the Interstate highway 10. Meeting with the City, Baycrest achieved development approvals to build a six phase regional shopping center. These entitlements included obtaining approvals for a sit down family restaurant, several retail pad buildings, including two drive-thru fast food uses. Through Baycrest’s widespread knowledge of construction and finalizing contracts and leasing, the shopping center was under way to being built. Through Baycrest’s aggressive leasing efforts, the center opened with McDonalds, Wendy’s, Red Robin Restaurants, and two retail pads. Those pad tenants included national tenants such as Panda Express, Subway, Happiness Nails, It’s a Grind Coffee, The Pool Store, Tortilla Express, Juice it Up! and Post Net. The last phase included a 25,000 square foot specialty market anchored by regionally renowned Clark’s Nutrition Markets.
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The Results
In partnership with the City, Baycrest created Monterey Marketplace in Rancho Mirage. Within six months of completion, the property was 100% leased and thereafter claimed a waiting list of tenants wishing to find co-tenancy with Home Depot, Regal 18 Plex theatres and Clark’s Markets. Capitalizing on the cash flow from the property, Baycrest was able to distribute all investment capital back to its equity partners while still enjoying a strong monthly cash flow to all partners.