A Coachella Valley mall with a flair for the aquatic is trying to lure a new owner.
The River, the 230,000-square-foot shopping center on Highway 111 in Rancho Mirage known for its signature waterway and fountains, has been listed for sale.
The shopping center is anchored by Cinemark Century Theatres. Other tenants include Forever 21, Acqua California Bistro and Yard House. It is 89 percent occupied, according to a listing on the commercial real estate website LoopNet. An advertising brochure shows ten of its 37 suites vacant.
The 27-acre property does not have an asking price, according to a listing by the commercial real estate firm SRS Real Estate Partners.
“I think it’s a very unique entertainment center with some of the best restaurants in the desert, in a fantastic location, Rancho Mirage, with opportunities to expand,” said Rich Walter, an executive vice president at SRS. “There’s always opportunities … maybe to add more restaurants or amenities that would complement the rest of the center.”
Walter said his firm has fielded “a lot of interest” in the River, but declined to discuss whether or not the real estate is under contract, citing confidentiality agreements.
The mall opened in 2002. A one-time anchor tenant, a Borders bookstore, shuttered during the recession and was backfilled by Forever 21 in 2012.
Cheer Land The River LP purchased the shopping center in June 2014 for $65 million. The company is the second-largest property taxpayer in Rancho Mirage, according to data from the Riverside County Assessor.