Desert Park Developer Eyes 40,000-SF Add-On

PALM DESERT, CA-Investco Financial Corp. of Seattle is ready to build more product now that leases have been secured in three of four 8,000-sf buildings at Desert Business Park & Design Center, according to CB Richard Ellis Inc.

The new park is on the southwest corner of Washington Street and Del Webb Boulevard at the Washington Street interchange of the I-10 Freeway, at a newly designed freeway interchange. It is being developed in two 40-acre phases.

Brian Ward of CB Richard Ellis’ Indian Wells office, one of the listing agents for the park, says tenants who have signed up for space in the new development are Apria Healthcare Inc., a provider of home health-care products and services, which is slated to occupy 8,000 sf in mid-July; Crescent Healthcare Inc., a provider of home infusion therapy, which is due to move into 5,000 sf; and Interior Specialists Inc., which plans a 6,000-sf showroom of floor coverings and window treatments. Both Crescent Healthcare and Interior Specialists are slated to take their space in September.

Ward says Investco is planning to begin construction on 40,000 sf in four more buildings that will be put up for lease in an expansion of the first phase. The added space will be divisible into 3,000-sf to 30,000-sf blocks.

Also coming soon is the construction start on 17 of 25 lots sold mostly business owners, who now are planning to build their own facilities. The buildings will house a bank branch, residential real estate office, escrow services, specialty medical clinic, custom closet and garage organizer, construction equipment rentals and home restoration and repair company.

The deliveries to date focus on users needing less than 30,000 sf although the build-out plan for the remaining 40 acres will consist of lots for sale and buildings for lease in sizes up to 50,000 sf. The business park, which provides California Enterprise Zone tax benefits, is situated just west of Del Webb’s Sun City development. Developer Investco Financial Corp. is a 20-year-old property acquisition, development, financing and management firm.