Hanley Investment Group Real Estate Advisors successfully facilitated the sale of a newly constructed multi-tenant retail pad located at Monterey Crossing in Palm Desert. This prime shopping center, situated at the intersection of Interstate 10 and Monterey Avenue, was sold for $6.34 million.
This marks Hanley Investment Group’s fifth successful transaction involving retail pads at Monterey Crossing, with a combined total area of 25,430 square feet and an impressive value of approximately $27 million. The developer and seller Fountainhead Development from Newport Beach were represented by EVPs Bill Asher and Jeff Lefko in all five transactions.
The most recent sale involved an 8,370-square-foot building that was completed in 2022 and is fully occupied by internet-resistant tenants such as Jersey Mike’s Subs, Nekter Juice Bar, Roll-Em-Up Taquitos,
Keith Alexander DDS,and Mathnasium.The buyer,a private investor from Los Angeles,were expertly represented by Yoram Katz from Peak Commercial based in Woodland Hills.
