NAI Capital Completes Sale of 22.48-Acre Mixed-Use Development Site in Rancho Mirage, CA
Palm Desert, CA, Thursday, December 21, 2017– Executive Vice President David Knowlton, Senior Vice Presidents Kirby Greenlee and Lynn Coker with NAI Capital completed the sale of a 22.48-acre mixed-use development land site in Rancho Mirage, Calif. Knowlton, Greenlee, and Coker represented the seller, Bankruptcy Trustee Marshack and Hays. The buyer was Tower Energy Group. The total sale price was $5,650,150 or approximately $251,341.19 per acre.
The land parcel sits on the North-East corner of Monterey Avenue and Frank Sinatra Drive in a rapidly growing area of Rancho Mirage. To the immediate East of the property is the Marriott’s Shadow Ridge Golf Club and the Monterey Shore Shopping Center. Across the street, on Frank Sinatra Drive to the South, is Palm Desert Greens Country Club and Golf Course. The site is in a great location with prominent visibility from either Frank Sinatra Drive or Monterey Avenue.
Coker said, “Land for development in Rancho Mirage remains strong. This was a great opportunity for the buyer to acquire a property in a location with a growing affluent population base.”
“This is one of the last significant commercially zoned properties in Rancho Mirage. Its development will fill an important need for retail space in the market,” said Knowlton.
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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