Dave & Buster’s Inks Inland Empire Lease

The River at Rancho Mirage. Image courtesy of CBRE

Dave & Buster’s has signed a 22,982-square-foot lease at CL Investment Group’s The River at Rancho Mirage, a 227,000-square-foot retail property in Rancho Mirage, Calif. CBRE brokered the transaction. The restaurant will be inaugurated at the location in the third quarter of this year.

According to a recent CBRE report, the retail rent growth in the first quarter of this year continued to surpass the 10-year average, with a year-over-year increase of 2 percent, driven by the neighborhood, community and strip center segment. While power center rents remained stable, rents for lifestyle centers and malls experienced a decline.

A Riverside County retail property

The lifestyle and entertainment center came online in 2001 at 71800 Highway 111, in an area where the daily car traffic amounts to more than 67,500 vehicles. CL Investment Group picked up the Riverside County asset in 2014 for $65 million, according to CommercialEdge data.

The River at Rancho Mirage encompasses a 1,100-foot river water feature, public sitting areas, walkways and a 100-seat outdoor amphitheater. Additionally, the retail center encompasses 20,000 square feet of office space.

Century Theatre, The Cheesecake Factory, P.F. Chang’s and Yard House are the property’s anchor tenants. Verizon, Tesla, Starbucks, Bath & Body Works and Ben & Jerry’s also have leases at the shopping center, the same data provider shows.

CBRE Vice President Marco Rossetti and Senior Vice President Walter Pagel represented the landlord in the lease signing, while Senior Vice President Scott Riddles, First Vice President Derek Fitch and Senior Associate Rob Crumly brokered the deal on behalf of Dave & Buster’s.