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Desert retail pad sells for $6.3 million

Desert retail pad sells for $6.3 million

A multi-tenant retail pad in Palm Desert has been sold for $6.3 million.

The property at 3120 Dinah Shore Drive is part of Monterey Crossing, a recently developed shopping center at Interstate 10 and Monterey Avenue, according to Hanley Investment Group Real Estate Advisors in Corona del Mar.

Hanley Investment Group represented the seller and developer, Fountainhead Development in Newport Beach. The buyer was a Los Angeles-based private investor whose name was not released.

Jersey Mike’s Subs, Nekter Juice Bar, Roll-Em-Up Taquitos, Keith Alexander, DDS, and Mathnasium are all located on the parcel.

Hanley Investment Group has negotiated the sale of five pads at Monterey Crossing – a combined 25,430 square feet – for about $27 million.

Previous sales arranged by Hanley Investment Group includes properties occupied by Chick-fil-A Drive-Thru, Quick Quack Car Wash, The Habit Burger Grill, AT&T and Spectrum. All four properties were sold to four separate buyers, according to Hanley Investment Group.

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