IE Business Daily Business news for the Inland Empire.
A Palm Desert building occupied by The Habit Burger Grill has been sold.
The building at the Monterey Crossing Shopping Center sold for $4.5 million, according to Hanley Investment Real Estate Advisors.
Hanley Investment represented the seller, Fountainhead Development in Newport Beach. The buyer was a private investor whose name was not released.
Built last year, the structure at 73320 Dinah Shore Drive covers 2,700 square feet and includes a drive-thru. This is the fourth retail pad building Hanley Investment Group has sold at Monterey Crossing.
Those transactions totaled 17,060 square feet and combined were worth about $20.3 million, according to the statement.
Monterey Crossing is at Monterey Avenue and Interstate 10, an intersection that accommodates about 110,000 vehicles a day. National tenants at the intersection include Costco, Home Depot, Kohl’s, Sam’s Club, Walmart, 99 Cents Only, Ashley HomeStore, JOANN Fabrics and Crafts, PetSmart and Regal Cinemas.
Fountainhead is developing more single-tenant pads and multi-tenant buildings at Monterey Crossing and is working on the shopping center’s second phase, according to the statement.
