IE Business Daily Business news for the Inland Empire.
A 5,000-square-foot retail building in Palm Desert has been sold for $1.7 million.
The freestanding structure at 74120 Highway 111 is near the city’s Downtown Edge District, a pedestrian-friendly area that combines commercial, residential, and service uses, according to Progressive Real Estate Partners in Rancho Cucamonga.
It’s also near the El Paseo Shopping District, which includes Tommy Bahama, Gucci, Ralph Lauren, Lovesac, Chico’s, Eddie V’s Prime Seafood and California Pizza Kitchen.
Progressive helped arrange the transaction, which involved the owners of the Shiraz Rug Co. buying the building so it can expand into the empty space. That will nearly double Shiraz Rug’s size to approximately 10,000 square feet.
“Helping a successful local business expand its current location is especially rewarding,” said Heather Sharp, senior vice president Progressive, in a statement. “With the help of (U.S.) Small Business Administration financing, Shiraz Rug Co. will expand its inventory. The larger space also means more choices for their customers.”
