DENVER, CO – [July 2, 2019] – Blue West Capital has completed the sale of a single tenant net leased United Rentals property located at 36025 Cathedral Canyon Drive in Cathedral City, CA for $1,075,000. Brandon Gayeski represented the purchaser in the transaction; a repeat Colorado-based high-net-worth 1031 exchange investor. The seller was a California-based family trust.
United Rentals has operated at this location since 1988. The United Rentals equipment rental property is 1.25 acres and located just off Highway 111, the primary thoroughfare that experiences traffic counts in excess of 32,000 vehicles per day.
United Rentals is the world’s largest equipment rental provider with over 1,100 locations worldwide. United Rentals is a publicly traded company (NYSE: URI) with a market capitalization in excess of $10 billion. United Rentals is a Fortune 500 company and has a 13% North American market share.
Cathedral City is the second most populous city within the Coachella Valley, having a population of more than 53,000 people. Coachella Valley attracts people from all over the world for their world-class golf courses and events held throughout the year. These events include Coachella Valley Music and Art Festival which draws over 250,000 people, Stagecoach Festival, and BNP Paribas Open tennis tournament.
“The purchaser was attracted to this property due to the high barriers to entry and Untied Rentals thirty years of operating history at this location. It is extremely rare to find California commercial real estate investment properties, like this one, which has a low price point, national credit tenant, and recent lease extension.” Said Brandon Gayeski, Associate.