Palm Desert, Calif. — Hanley Investment Group Real Estate Advisors has arranged the sale of three retail pad properties at Monterey Crossing shopping center in Palm Desert, roughly 35 miles outside Joshua Tree.
Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, Fountainhead Development, in all three transactions. Located at the Interstate 10 and Monterey Avenue interchange, the three properties sold for a combined $15.7 million.
The first transaction included the $7.2 million sale of a 4,738-square-foot Chick-fil-A with a double-lane drive-thru that is scheduled to open in the first half of 2022. The buyer, a private investor from San Diego, was represented by Bruce Bailey of The Bailey Group and Tim Genske of CBRE.
The second transaction included the $3 million sale of a 3,436-square-foot express car wash leased to Quick Quack Car Wash. The development is scheduled to open during the first half of 2022. Asher and Lefko represented the buyer, a private investor based in the Boise, Idaho metropolitan area.
The final transaction included the $5.5 million disposition of a 6,186-square-foot two-tenant pad building occupied by AT&T and Spectrum to an undisclosed buyer.